HOLDERS of old banknotes, including those in Negros Occidental, can still exchange their bills until June 30 this year.
The Monetary Board approved another three-month extension for the replacement of Old Banknote Series, after the first three-month extension lapsed Friday, March 31.
The replacement of New Design Series to New Generation Currency can be done with the Bangko Sentral ng Pilipinas (BSP) and its authorized agent banks.
BSP, in a press statement, said the Monetary Board’s decision to extend was in response to public clamor for a longer replacement period.
In Negros Occidental, BSP-Bacolod Branch had initially set the deadline last December 29, the last day of their operations for 2016.
Then through Resolution No. 2331, the Monetary Board approved the first three-month extension until March 31.
Starting July 1, old banknotes will already be demonetized. Meaning, these currency bills will have no more monetary value and legal tender by this time.
Job Nepomuceno, deputy director of BSP-Bacolod Branch, had earlier said banks refusing to exchange and replace old bills may be charged administratively.
Launched in 1985, the Old Banknote Series, consist of five, 10, 20, 50, 100, 200, 500, and 1,000 peso bills, have been used for transaction until December 2015.
The New Generation Currency, meanwhile, has been used for daily transactions since December 2010.
BSP records show that as of November 30 last year, 295.7 million pieces, or almost 8.9 percent of the 3.34 billion pieces of New Design Series are still in circulation.
In terms of amount, there is still P23.3 billion, or 2.4 percent of the total P979.9 billion that should be deposited back to the agency, it added.
For coins, the BSP will also eventually implement its demonetization, Nepomuceno also said.
The BSP Central Office had earlier said that it has already started consultations with stakeholders on the proposed new generation coins that would feature the electromagnetic signature to guard against tampering and counterfeiting activities.
