ZAMBOANGA CITY, Dec. 22 (PNA) — The Bangko Sentral ng Pilipinas (BSP) has reiterated its reminder to the public on the demonetization of the old currency otherwise known as the New Design Series (NDS).
Vicente Celestial, BSP-Zamboanga deputy director, on Wednesday said that the NDS banknote would be fully demonetized or without monetary value starting January 1, 2017.
Celestial said the holders of NDS banknotes have only until December 29 to surrender or exchange the old currency, since that day is the last working day for 2016.
Celestial said the public may continue to use the old banknotes up to December 31 in paying and buying of goods and services and other business or financial transactions requiring the use of cash.
“Thereafter, these old banknotes will no longer be accepted for payment transactions,” he added.
Celestial said the holders of NDS can exchange their old banknotes with the New Generation Currency (NGC) in any of the universal and commercial banks, thrift banks, and rural as well as cooperative banks.
Celestial said they may also opt to exchange their old banknotes with the BSP or any of its regional offices or branches around the country.
He said the demonetization process of the old banknotes is in line with the provisions of Section 57 of Republic Act No. 7653, otherwise known as the New Central Bank Act, which authorizes the BSP to replace banknotes that are more than five years old.
He added that the old banknotes or NDS have been in circulation for almost three decades.
This means that the NGC banknotes, the new currency, introduced in December 2010 will result in the circulation of a single currency series in the country.
He said the NGC have more and enhanced security features to protect the safety of the public against counterfeiters.
Meanwhile, Overseas Filipino Workers (OFWs) abroad, who have in their possession old banknotes which could not be exchanged within the prescribed period, may register online until December 31 through the BSP website.
Celestial said the old banknotes that are in the possession of OFWs may be exchanged with the BSP within one year from the date of registration. (PNA)