Bangko Sentral extends deadline to exchange old peso bills


Posted at Dec 28 2016 04:40 PM | Updated as of Dec 28 2016 05:28 PM

Bangko Sentral extends deadline to exchange old peso bills 1

MANILA (UPDATE) - The deadline to trade old peso bills for new ones has been extended to March 31, 2017, the central bank said Wednesday.

The Bangko Sentral ng Pilipinas (BSP) said starting April 1, 2017, the old banknote series will no longer have value and cannot be exchanged for the new generation series.

The deadline was extended to give the public more time to exchange old bills in their possession, BSP Deputy Governor Nestor Espenilla Jr. said.

Nearly 9 percent or 295.7 million pieces of the 3.34 billion banknotes in circulation are old bills as of end-November, BSP data showed.

“Most of the [old banknote series] have already been replaced and a small amount is still circulating in the system,” Espenilla said.

Banks that refuse to accept and exchange the old bills would be penalized, he added.

The public was earlier given until the end of 2016 to exchange old banknote series for the new generation series at all authorized agent banks and all BSP offices and branches.

The old bills, launched in 1985, are no longer accepted for payment.

Under Republic Act No. 7653 or the new Central Bank Act of 1993, the central bank is authorized to replace notes of any series or denomination that are more than five years old and coins that are more than 10 years old.