Exchange your old bank notes with the New Generation Currency (NGC), the Bangko Sentral ng Pilipinas (BSP) has constantly reminded the public [see Design Highlights of the Philippine New Generation Currency, Primer on the New Generation Philippine Currency: Banknotes and Coins, and Security Features of the Philippine New Generation Currency]. Soon, the old paper money — interestingly called the New Design Series or NDS — will have absolutely no value, will not be accepted as payment for all transactions, and CANNOT be exchanged with the New Generation Currency. The date to remember: 1 January 2017. So, check if you’re still holding the old paper money. The central bank reminder:
Deadline to Use
The public may continue to use the old banknotes up to 31 December 2015 in paying and buying of goods and services and other business or financial transactions requiring the use of cash. Thereafter, these old banknotes will no longer be accepted for payment transactions.
Deadline to Exchange
From 1 January 2015 to 31 December 2016, the public may exchange with authorized financial institutions, namely universal and commercial banks, thrift banks, and rural as well as cooperative banks, their old banknotes with the New Generation Currency (NGC) Series at full face value, without charge.The public may also opt to exchange their old banknotes with the BSP or any of its regional offices/branches around the Philippines.
Government institutions holding old banknotes in which could not be exchanged during the prescribed period, such as banknotes used as evidence in a litigation case, will have to request the BSP Cash Department in writing, within the period of exchange, for a special exchange arrangement.
For Overseas Filipinos (OFs) abroad, who have in their possession old banknotes which could not be exchanged within the prescribed period, they may register online starting 1 October 2016 to 31 December 2016 through the BSP Website. These old banknotes may be exchanged with the BSP within one (1) year from date of registration.
When Your Money has No Value
Starting 1 January 2017, NDS banknotes that have not been exchanged shall no longer have any monetary value, and are considered demonetized.