BSP sets Dec 29 as ‘final, non-extendable’ deadline to swap old peso bills

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) reminded the public that the deadline to exchange old banknotes with new ones is “final” and “non-extendable”.

In a statement on Thursday, December 28, the BSP reiterated that the deadline on Friday, December 29, is for exchanging old banknotes in the New Design Series (NDS) to the current New Generation Currency (NGC) banknotes.

This deadline has been extended thrice, the BSP pointed out. The original deadline was on December 31, 2016, but it was later moved to March 31, to June 30, and finally to December 29, 2017.

The public can have the old bills exchanged at authorized financial institutions like universal and commercial banks, thrift banks, rural banks, and cooperative banks. The public may also exchange old banknotes with the BSP or any of its regional offices.

Those who transacted on December 27 and 28 at the BSP main office in Manila but did not make the 2 pm official cut-off for banking operations were given official forms to allow them to return on Wednesday, January 3. 

“This does not mean that the deadline has been extended,” said the BSP. “Rather, it’s an acknowledgement that these people came before the deadline.”

BSP also reminded everyone to be mindful of banking hours and cut-offs in operations.

“The exchange of bills is not a mechanical process. The authenticity of each bank note is verified prior to exchange, which process takes time and attention,” said the BSP.

The BSP started the process of demonetizing the old banknotes in January 2015. – Michael Bueza/Rappler.com