No extension of June 30 demonetization deadline
THE CENTRAL BANK is keeping its June 30 deadline for the public to exchange old bills, which comes after two extensions for its demonetization program of the currency, its chief said.
“There are no plans to extend the deadline now. The demonetization will end on June 30 this year,” Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco, Jr. told reporters in an ambush interview last week.
The central bank is looking to complete the phase-out of the New Design Series of bills issued back in 1985, which has been replaced by the New Generation Currency rolled out in 2010.
The BSP earlier set a Dec. 31, 2016 deadline for the public to replace their old notes with banks and central bank offices nationwide, but gave a three- month extension to March 31 and another reprieve until end-June. Beyond June 30, these notes will not be replaced anymore and will already lose value.
Last December, the central bank printed the first batch of bills carrying President Rodrigo R. Duterte’s signature. The BSP will again update the notes to carry the signature of incoming Governor Nestor A. Espenilla, Jr., who will replace Mr. Tetangco starting July 3.