No more swapping of old Peso bills after Dec. 29
Exchange your coins into paper bills
The Bangko Sentral ng Pilipinas (BSP) is reminding those who are in possession of old peso bills, those released in 1985 and lost monetary value since July, to have those swapped with new banknotes before 2 p.m. tomorrow, Dec. 29.
At the same time, BSP Senior Research Specialist Randy Bolves is urging the public to exchange their coins into paper bills, to enable BSP and the banks to recirculate loose coins than leaving them in cans, bottles and coin banks.
Bolves said, the central bank has no plan to extend the December 29, 2017 deadline of swapping the old banknotes with new ones, saying, the deadline has been extended several times.
The original deadline was on December 31, 2016, but was extended to March 31, 2017, and then to June 30.
The BSP itself in a press statement, noted that due to numerous requests from the general public, the it re-set a new deadline of December 29 for swapping the old banknotes.
The BSP also moved the actual demonetization of NDS banknotes from January 1, 2017 to April 1, 2017.
In response to the public clamor, the demonetization was further extended to July 1, 2017 after which the NDS peso bills may no longer be used to pay for goods and services.
Even if President Rodrigo Duterte declared Tuesday, December 26 a special non-working day, the BSP’s cash departments, regional offices, and branches were open to accept the demonetized banknotes.
Since the NGC banknotes were launched in 2010, there was a tiny percentage of old NDS bills still left in the circulation.
However, the central bank would not specify the amount until he has the data on hand.
The BSP is on a coin recirculation program that urges the public to exchange their coins into paper bills.
During the recent meeting of information officers, Bolves said this is part the office’ coin recirculation program.
“BSP Bacolod through its Economics and Financial Learning Center Division can exchange your loose coins or small denomination in value into paper banknotes,” he the told PIA.
The program also encourages the public to save whether in bottles, cans and coin banks and be aware of its advocacy, thus, taking part in the coin recirculation activity, he added.
To intensify their campaign, he said the local BSP office conducts lectures on basic savings, coin recirculation, clean note policy and basic security features of banknotes.
Their recent campaign was with the Boy Scout Jamboree at Fr. Gratian Murry School while coin exchange was done in Brgys. Handumanan and Villamonte.* (NDB, with report from PIA6)