The BSP (Bangko Sentral ng Pilipinas) decided to no longer replace the old Philippine peso bills beyond the June 30 deadline; making them value-less on the 1st day of July.
BSP Governor Amando M. Tetangco Jr. said: “There are no plans to extend the deadline” when asked about the exchange of 1985 NDS (New Design Series) banknotes.
Starting July 1, 2017, only the NGC (New Generation Currency) banknotes, launched in 2010 can be used for daily transactions.
The exchange of the old 1985 NDS banknotes had been extended several times already.
Last December, the BSP moved the deadline to March 31, 2017 but officials said in March that there was public clamor to again extend the deadline.
In March, the BSP’s highest policy-making body, the Monetary Board, added another three months to the deadline to exchange or replace NDS banknotes with NGC banknotes.
Once demonetized, the NDS banknotes launched in 1985 will no longer be exchanged with the BSP and banks, as they will have no monetary value.
However, there is a consideration for Filipinos living or working abroad, those who had registered up to P50,000 in old bills can still exchange their NDS banknotes at any BSP office until Dec. 31.