Filipinos working and living abroad have only until the end of this month to register up to P50,000 in old bills so they can be exchanged for new peso banknotes before the year ends.
In a statement on Wednesday, the Bangko Sentral ng Pilipinas said overseas Filipinos, Filipino immigrants and nonresidents should register their New Design Series (NDS)—peso banknotes launched in 1985—for New Generation Currency (NGC) online at https://orbs.bsp.gov.ph. The NGC series was launched in 2010.
“NDS banknotes registered from Jan. 1 to March 31 shall be accepted for exchange with NGC banknotes until Dec. 31 at any BSP office,” the BSP said.
An online form at the secure website requires the overseas Filipino’s full name, passport number, Philippine address, the name of the country, e-mail address and the total amount to be exchanged—not less than P5 and not more than P50,000 pesos.
“Additional documentary requirements are needed for Filipino immigrants and nonresidents for the exchange of their NDS banknote holdings,” the statement said. “Aside from the original passport and printed confirmation notice, Filipino immigrants must present their birth certificate to support Filipino lineage, while nonresidents must show proof of previous employment in the Philippines.”
The statement did not say what the options are for those who have more than the maximum amount.
BSP Deputy Gov. Diwa C. Guinigundo last week said the policy-setting Monetary Board had decided to extend the demonetization of old banknotes twice—from Dec. 31, 2016, to March 31, 2017, and again to June 30, 2017. He said there was public clamor to again extend it.
“NDS banknotes which have not been exchanged shall cease to be liability of the BSP and shall be demonetized,” the BSP statement said.
Starting July 1, only the NGC banknotes can be used for daily transactions.
Guinigundo said 284 million pieces of NDS banknotes, or 8.6 percent of 3.3 billion pieces used in cash transactions, were in circulation as of end-February.
The NDS banknotes yet to be exchanged with the BSP and its authorized agent-banks amount to P19.2 billion, a mere 2 percent of the P983.3-billion worth of banknotes in circulation.