Tip: Exchange your old bills now!

The Bangko Sentral ng Pilipinas (BSP) on Wed reminded the public of the Dec 31 deadline for swapping bills in the New Design Series (NDS), which will be demonitized in 2017. (See the guide below. Click on image for a larger view.)

About 305,400,000 million pieces of NDS bills amounting to about PHP26.1 billion are still currently in circulation, InterAksyon.com reports..

BSP Deputy Governor Diwa Guinigundo said about 10.5 percent of the bills currently in use are from the NDS.

NDS only had monetary value only until December 31, 2015, but they may still be exchanged at banks, the cash department of the BSP and the various BSP offices nationwide until the end of the year.

The BSP also announced the following exemptions:

-Banks and treasurers of local government units (LGU) are allowed to exchange NDS until Mar 31, 2017.

-Clerks of court are given until Jan 21, 2017, and notes that are subject of court cases can be exchanged within six months after the termination of the case.

-Overseas FIlipino Workers (OFWs) are required to register their NDS holdings starting Oct 1 this year, and they are given a one-year period to exchange their money. Up to o PHP50,000 worth of NDS holdings is allowed for swapping. Those in war-torn countries don’t need to register and may exchange their bills up to Dec 31, 2017.

Guinigundo said that the Central Bank is also studying the possibility of limiting the denominations currently issued.

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