On 22 April 2016, the BSP issued Circular No. 910, Series of 2016, which provides guidelines for the New Design Series (NDS) Banknote Exchange Facility. The Circular included, among others the replacement/exchange of NDS banknotes from Overseas Filipinos (OFs) working abroad, who have in their possession NDS banknotes that could not be physically exchanged within the prescribed period of 1 January 2016 to 31 December 2016. Subsequent to this, the Monetary Board approved on 8 September 2016, the increase in the allowable amount to be exchanged by OFs under the NDS Banknote Exchange Facility from PHP10,000 to PHP50,000.
The BSP reminds the OFs who wish to avail of the NDS Banknote Exchange Facility to register their NDS banknote holdings at https://orbs.bsp.gov.ph starting 1 October 2016 to 31 December 2016. OFs who will be able to register their NDS banknote holdings within this registration period have one year from date of registration to present their original passport and printed confirmation notice to any BSP office for the processing of the NDS exchange.
OFs deployed to countries experiencing geopolitical crisis during the registration period (i.e., 1 October 2016 to 31 December 2016) who may not be able to register their NDS banknote holdings need only to present their original passport with exit stamp by authorities from war-torn countries and/or authorities from other countries that served as exit points for repatriation to any BSP office for processing from 1 January 2017 until 31 December 2017, subject to the PHP50,000 limit for each OF.
All NDS banknote holdings submitted for exchange shall be subject to the usual piece by piece verification. For further inquiries, please contact the BSP through CIIOhelpdesk@bsp.gov.ph.