2016-12-22
The Bangko Sentral ng Pilipinas wishes to remind the public regarding the demonetization of old banknotes belonging to the New Design Series (NDS), as part of BSP’s objective to preserve the integrity of the Philippine currency. The NDS banknotes are being replaced with New Generation Currency banknotes with new enhanced security features to protect the public against counterfeiters. Overseas Filipinos who may have holdings of the old banknotes may use these to pay and buy goods and services only up to 31 December 2015. Thereafter, they may only be exchanged with New Generation Currency (NGC) until 31 December 2016 in authorized financial institutions. Filipinos abroad, who have in their possession NDS banknotes which could not be exchanged within the prescribed period, may register online starting 1 October 2016 until 31 December 2016 through the BSP website. These NDS banknotes may be exchanged with the BSP within one year from date of registration. Starting 1 January 2017, NDS banknotes that have not been exchanged shall no longer have any monetary value, and are considered demonetized. For further information, please visit the BSP’s website at www.bsp.gov.ph.