Frequently Asked Questions
1. What is demonetization?
Demonetization is the process of removing the monetary value of a legal tender currency by the issuing authority. Demonetized currency will no longer be accepted to pay for goods and services. (See Overview)
2. What is being demonetized?
All banknotes—usually called bills—from the old banknote series (NDS), which was launched in 1985, are going to be demonetized. (See Banknote Series)
3. When will those bills be demonetized?
From 1 January 2016, NDS banknotes will not be acceptable in transactions for goods and services, but banks will accept them for exchange until 31 March 2017, at face value and free of charge. Starting 1 April 2017, NDS banknotes will be demonetized. They will no longer be acceptable in daily transactions and banks and the BSP will no longer accept them for exchange (See Demonetization Schedule)
4. Which banks will offer exchange services?
All BSP offices and branches, as well as all authorized agent banks. Authorized agent banks are banking institutions (universal, commercial, thrift, and rural banks), which are under the supervision of the BSP.
5. What are the rules for exchanging old series (NDS) banknotes for new (NGC) ones?
Banks will offer exchange services to all customers, even those without accounts in the banks concerned. There is no limit on the amount that can be exchanged, and exchanges will be available until the last banking day of March 2017. (See Banknote Exchange)
6. How can persons living or working abroad exchange their banknotes?
The BSP will provide an opportunity for people living or working abroad to exchange their NDS banknotes for NGC banknotes at a later date, as long as they register online through the BSP website.