For the fourth time, the Bangko Sentral has extended the deadline for the exchange and replacement of old peso bills under their New Design Series (NDS). People with old peso bills can now have them replaced until December 29 or the last banking day of 2017. After the deadline, the old bills will lose their monetary value and can no longer be used for commercial transactions.
To recall, the deadline for the demonetization of the NDS banknotes was originally set on January 1 this year. Then, it was extended to March 31 and further extended to June 30 due to public clamor.
The replacement or exchange of NDS banknotes can be done without charge at the Bangko Sentral‘s Cash Departments in Manila and Quezon City, Regional Offices, and Branches from 9am to 2pm (Monday to Friday, except during holidays). Just bring two valid IDs.
The maximum amount that can be exchanged in cash is Php100,000 per transaction. Larger amounts may be allowed, but are only payable by check or direct credit to a bank account.
There is little time left. This is your last chance to exchange those old peso bills; gotta swap them all now!