Old bills can be swapped until Dec. 29: BSP

THE PUBLIC can still swap their old bills until Dec. 29, the Bangko Sentral ng Pilipinas (BSP) announced.

In its recent decision, the Monetary Board ruled to extend again the deadline to replace old banknotes with new design series (NDS) as its reply to the requests of the public.

The deadline was set earlier on June 30 but was now extended to the end of the year following the new decision of the bank.

“The replacement or exchange transactions on the NDS banknotes shall be accommodated without charge at the BSP cash department, regional offices and branches,” BSP said in a statement.

The central bank will exchange a maximum of P100,000 per transaction. Larger amounts are allowed but payable through check or direct credit to a bank account.

The old banknotes will be demonetized after the deadline.

A briefer from the central bank said: “Currencies in the world are demonetized because this is one way of safeguarding the integrity of the currency to protect it from counterfeiters. As a matter of practice, central banks around the world change the design of their currencies that have been in circulation for over 10 years.”

“In the case of the Philippines, the old banknote series, introduced in 1985 or 30 years ago, is being replaced by the new generation currency series which was launched in 2010,” the briefer added.

The BSP also planned to mint new series of coins.

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