Exchanging of old banknotes
Old peso bills belonging to the New Design Series (NDS) will lose their value in July as the Bangko Sentral ng Pilipinas decided to no longer replace them beyond the June 30 deadline.
“There are no plans to extend the deadline,” BSP Governor Amando M. Tetangco Jr. told reporters in a chance interview last week when asked about the exchange of NDS banknotes, which had been extended several times already.
As such, starting July 1, only the New Generation Currency (NGC) banknotes , launched in 2010, can be used for daily transactions.
In March, the Monetary Board, the BSP’s highest policymaking body, moved by another three months the deadline to exchange or replace NDS banknotes with NGC banknotes.
Last December, the BSP moved the deadline to March 31, but officials said in March that there was public clamor to again extend the deadline.
Originally, the BSP scheduled demonetization of the NDS banknotes on Jan. 1 this year.