BSP Sets Deadline for Old Legal Tender Exchange

The Bangko Sentral ng Pilipinas (BSP) has set December 29, 2017 as the deadline for the exchange of old legal banknotes.

Dorothy Diaz, BSP officer, said that the move was due to popular demand to allow the exchange and replacement of old banknotes to the new design series.

“The Bangko Sentral ng Pilipinas Monetary Board has established a new deadline on December 29, 2017 for this purpose,” she said.

Diaz said the exchange to new a design bank notes will be accommodated free of charge at the office of BSP from Monday to Friday, except on holidays, 9:00 a.m. to 2:00 p.m.

She said BSP will allow the exchange of demonetized banknotes to cash at P100,000 per transaction.

Diaz explained that for those in larger amounts, payment is made through check or direct credit to a bank account.

She said subject to exchange are legal tender such as five peso bill, twenty peso bill, fifty peso bill, one hundred peso bill, two hundred peso bill, five hundred peso bill and one thousand peso bill.

“Starting October 30, BSP will accept bills for replacement with new legal tender design,” Diaz said.

She said the legal banknote with the Bagong Lipunan mark is not covered by the exchange and only old bank notes released in 1985 are due for replacement which will be done solely in the offices of BSP, which has seven branches in Mindanao: Davao City, General Santos City, Butuan City, Cagayan de Oro City, Cotabato City, Zamboanga City and Ozamis City.

Clients must present identification card when they transact business with BSP. (PIA XI-Joey Sem G. Dalumpines)