Friday deadline for swapping old bills stays: Bangko Sentral


Posted at Jun 27 2017 12:49 PM

MANILA - The Bangko Sentral ng Pilipinas said Tuesday it was keeping its Friday deadline for the public to exchange their old peso bills.

The old series bank notes will lose their value on Saturday and can no longer be exchanged for legal tender, Deputy Governor Diwa Guinigundo told DZMM.

Overseas Filipinos who registered their old bank notes online have until December to exchange them, Guinigundo said.

"Wala na pong extension ito sa ika-apat na pagkakataon. Mahigit 3 beses na po nating pinaalalahanan at inextend ang ating deadline," Guinigundo said.

(There won't be a fourth extension. We have repeatedly reminded the public about the deadline and even extended it thrice.)

"Souvenir na lang po iyan na kung sinumang may hawak pa niyan," he added.

(That will only serve as souvenirs to owners.)

The deadline for the demonetization of old banknotes was originally set on January 1, but was extended to March 31 then to June 30 due to public clamor.

Old bills can be swapped for new generation banknotes at authorized agent banks as well as municipal, city and provincial treasurers' offices.

The new bills have security features that are at par or even better than other countries, such as watermark portraits, denomination markings only seen against the light, and bigger window security threads that cannot be photocopied, the BSP said earlier.