De new notes are called the ‘New Generation’ bank notes and are replacing the ‘New Design Series’.
Demonetization process of bank notes
Following are the key periods and circumstances the public should know during the demonetization process:
- The public may continue to use the NDS bank notes until December 31, 2015. Thereafter, the NDS bank notes will no longer be accepted for payment transactions.
- From January 1, 2015 to December 31, 2016, the public may exchange their old money or the NDS bank notes at full face value with any authorized financial institutions like universal and commercial banks, thrift banks, and rural as well as cooperative banks. The public may also exchange NDS bank notes with the BSP or any of its regional offices/branches.
- For government institutions holding in trust NDS series which could not be exchanged during the prescribed period, like bank notes used as evidence in a litigation case, they will need to request the BSP Cash Department, in writing, within the period of exchange for a special exchange arrangement.
- For Filipinos abroad who have NDS bank notes which could not be exchanged within the prescribed period, they may register online starting October 1, 2015 to December 31, 2015 through the BSP website. These NDS bank notes may be exchanged with the BSP within a year from date of registration.
- By January 1, 2017, NDS bank notes that have not been exchanged shall no longer have any monetary value, and are considered demonetized, BSP advised.