BSP hikes cap for exchange of old bills for OFWs

The Bangko Sentral ng Pilipinas (BSP) has raised the maximum amount of old bills that overseas Filipinos could exchange with the new banknotes as the deadline for the demonetization nears.

BSP Governor Amando Tetangco Jr. issued Circular 927 increasing the allowable amount to be exchanged by overseas Filipinos under the New Design Series (NDS) banknote exchange facility to P50,000 from P10,000.

Tetangco said Filipinos abroad who wish to avail of the NDS banknote exchange facility may register their NDS banknote holdings until Dec. 31.

He said overseas Filipinos who would be able to register their NDS banknote holdings within the registration period have one year from date of registration to present their original passport and printed confirmation notice to any BSP office for the processing of the NDS exchange.

On the other hand, Filipinos deployed to countries experiencing geopolitical crisis during the registration period who may not be able to register their NDS banknote holdings need only to present their original passport with exit stamp by authorities from war- torn countries and authorities from other countries that served as exit points for repatriation to any BSP office for processing next year.

The circular included, among others, the replacement/ exchange of NDS banknotes from Filipinos working abroad, who have in their possession NDS banknotes that could not be physically exchanged within the prescribed period.

Last January, the New Generation currency (NGC) bills were circulated in the market replacing the NDS banknotes launched in 1985.

The NDS banknotes could still be exchanged in banks and BSP offices until December this year before being demonetized in January 2017.

The NGC series is user-friendly and allows easy identification of each denomination because of the dominant color that uses distinct and primary inks.

These banknotes also have several new and enhanced security features to protect the currency against counterfeiters. These include the big numerals corresponding to the value printed on both sides as well as the intaglio-printed front side of the currency to give an embossed feel and help the visually-impaired differentiate each denomination.

The BSP under RA 7653 or the new Central Bank Act of 1993 may call for replacement notes of any series or denomination that are more than five years old and coins that are more than 10 years old.