Deadline to exchange old peso bills moved to June

Michelle Ong, ABS-CBN News

Posted at Mar 23 2017 05:18 PM | Updated as of Mar 23 2017 05:48 PM

MANILA – The deadline to exchange old bank notes has been extended to June 30, from the end of March, before they are demonetized and lose their value as legal tender, the Bangko Sentral ng Pilipinas said Thursday.

The central bank also extended the demonetization deadline for the old banknote series to July 1 from April 17.

In terms of individual bills, the old notes comprise 8.6 percent of all money in circulation. In terms of value, it accounts for just 2 percent.

The March 31 deadline for overseas Filipinos to register their old bank notes for exchange was unchanged, the bank said.