Exchange old bills before end-2016

The Bangko Sentral ng Pilipinas reminds those who still have the old banknote series that they only have until the end of this year to have them exchanged with the new ones.

"Since January 1, 2016, all NDS (new design series) banknotes were no longer acceptable as payment for any transaction but could be exchanged at face value, free of charge, in authorized agent banks (AABs) and at the BSPCash Department or any of Regional Offices and Branches of the BSP," the central bank said in a statement.

The old banknotes, which were launched in 1985, shall cease to be a liability of the BSP and shall be considered demonetized by January 1, 2017.

"At the start of 2015, there were 711.7 million pieces (valued at Php184.3 billion) NDS notes in circulation. As of September 2016, 305.4 million pieces of the old banknotes (valued at Php26.1 billion) remained in circulation. In terms of value, only 2.9 percent of total banknotes in circulation were NDS banknotes," BSP said.

Authorized agent banks who take the deposited old banknotes have until March 31, 2017 to exchange with the central bank.

Offices of municipal, city and provincial treasurers that have old banknotes inventoried on or before Dec. 31, 2016 have until March 31 of next year to exchange.

Filipinos working abroad can register up to P50,000 of their old banknotes on orbs.bsp.gov.ph.

Registration period is from October 1 to December 31, 2016.

All NDS banknotes registered with the BSP can be exchanged within a year from the date of registration.

OFWs in war torn countries are given until December 31, 2016 to exchange and they don't need to register anymore.

Old paper bills that are in the custody of courts and other law enforcement agencies also have until December 31, 2017 to be exchanged with new ones.

BSP emphasized the need to demonetize the old peso bills to side with the practice of other central banks around the world, which change their currency designs every 10 years. The design of the Philippine old bills – whose printing stopped in 2013 – has been used since 1985, that’s already 29 years.

It said the move also aims to protect the integrity of Philippine currency and boost the agency's drive against faking money.