In order to ensure all those holding the old banknote series will have ample time to have those bills exchanged, the demonetization process will be conducted over a two-year period.
From 1 January 2015 to 31 December 2015, the old banknote series (NDS) will still be usable, alongside the new banknote series (NGC), for daily transactions to pay for goods and services. Authorized agent banks and BSP offices and branches will also exchange NDS banknotes for NGC banknotes at face value and free of charge during this period. The BSP encourages the public to use/exchange the old banknotes in their possession within this period.
From 1 January 2016, the old banknote series will no longer be acceptable in daily transactions for goods and services. However, the old banknote series will still be accepted in exchange for NGC banknotes at all authorized agent banks and all BSP offices and branches until 31 March 2017, at face value and free of charge.
Starting 1 April 2017, the old banknote series shall cease to be a liability of the BSP and shall be considered demonetized. NDS banknotes will no longer be used in daily transactions to pay for goods and services and will no longer be exchanged at the Bangko Sentral or any BSP authorized agent bank.