BSP to OFWs: Register old peso bills for exchange by March 31

MANILA, Philippines – Overseas Filipinos have only until Friday, March 31 to register their old Philippine peso bills for exchange, the Bangko Sentral ng Pilipinas (BSP) said.

Filipinos living abroad have to register up to P50,000 of their New Design Series (NDS) banknotes in the online registration for the NDS Banknote System before the month ends. NDS banknotes which have not been exchanged shall “cease to be liability of the BSP and shall be demonetized,” the central bank said.

NDS banknotes registered from January 1 to March 31 would be accepted for exchange with new generation currency (NGC) banknotes by December 31.

To facilitate the exchange, the overseas Filipino must personally present his or her original passport and printed confirmation notice at any BSP office. Filipino immigrants must present their birth certificate, while non-residents must show proof of previous employment in the Philippines.

Second extension

Last week, BSP Deputy Governor Diwa Guinigundo announced that the Monetary Board once again extended the deadline for the exchange of old peso bills for 3 months because 284 million NDS banknotes worth P19.2 billion have not yet been replaced.

Responding to public demand, the central bank approved anew the extension of the deadline for the exchange of NDS to NGC bills to June 30 instead of March 31. The deadline was originally set for December 2016 until it was moved to March 31 this year. 

By June 30, the NDS bills would lose their value.

According to Guinigundo, 2,796 OFWs from 104 countries registered their NDS holdings amounting to P30.5 million from October last year to March 22 this year. Of this number, only 480 registered their NDS banknote holdings during the first extension. – Rappler.com