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BSP: Deadline for Redemption of Old Banknotes: December 31, 2016

10.19.2016

The old banknote series (NDS) launched in 1985 can be exchanged for new series banknotes only until December 31, 2016.

Since January 1, 2016, all NDS banknotes were no longer acceptable as payment for any transaction but could be exchanged at face value, free of charge, in authorized agent banks (AABs) and at the BSP-Cash Department or any of Regional Offices and Branches of the BSP.  NDS banknotes shall cease to be a liability of the BSP and shall be considered demonetized on 1 January 2017.

The deadline is extended for the following:

Authorized Agent Banks 

All NDS notes deposited to these banks on or before 31 December 2016 can be exchanged until 31 March 2017.

 

 

Offices of Municipal/City/Provincial Treasurers  

All NDS notes inventoried on or before 31 December 2016 can be exchanged until 31 March 2017.

 

 

Overseas Filipinos

Overseas Filipinos can register up to Php 50,000.00 of their old banknotes on the website: https://orbs.bsp.gov.ph. Registration period is from 1 October to 31 December 2016.

All NDS notes registered with the BSP can be exchanged within a year from the date of registration. 

For those who are situated in war torn countries, the deadline for exchange is extended to 31 December 2017. There is no need for them to register.

 

 

Clerks of Courts and Law Enforcement Agencies

All NDS notes in their custody as of 31 December 2016 can be exchanged until 31 January 2017.  NDS notes that are subject of court cases can be exchanged within six months after the corresponding legal cases have been terminated.

 

 

At the start of 2015, there were 711.7 million pieces (valued at Php184.3 billion) NDS notes in circulation. As of September 2016, 305.4 million pieces of the old banknotes (valued at Php26.1 billion) remained in circulation. In terms of value, only 2.9% of total banknotes in circulation were NDS banknotes.

 

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