Bangko Sentral extends deadline to exchange old bills

The public has until Dec. 29 to exchange their old bills with the new design banknotes, announced Bangko Sentral ng Pilipinas.
People can swap their New Design Series bills with the New Generation Currency banknotes without charge at the BSP Cash Department, regional offices and branches.
A maximum amount of P100,000 of demonetized banknotes shall be allowed per transaction.
The NDS exchange for larger amounts may be allowed but payable only by check or direct credit to a bank account.
The NDS banknote series launched in 1985 was succeeded by NGC banknote series issued on Dec. 16, 2010.
After the deadline, the NDS bills would lose their value and could no longer be exchanged.
Under Republic Act 7653 or the new Central Bank Act of 1993, BSP could call in for replacement notes of any series or denomination that are more than five years old and coins that are more than 10 years old.

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