Good news for our OFWs that still have old Peso bills on hand!
BSP (Bangko Sentral ng Pilipinas) has given an extension for OFWs to change their old Peso bill. Supposedly, old bank notes shall no longer have any monetary value, and are considered demonetized starting 1 January 2017.
The said deadlines were moved by BSP. In an earlier statement, the public deadline was moved March 31, 2017.
OFWs then were given 1 year to register October 1, 2015 to December 31, 2015 via the BSP website. They were given a year from their date of registration to exchange the old bank notes at BSP offices and branches.
Now, BSP said that for Overseas Filipinos, Filipino immigrants, and non-residents can register until March 31, 2017 to exchange their old peso bills.
For Overseas Filipinos in war-torn countries, they do not need to register. Registration is until December 31, 2017 to exchange old peso bills.
The old Peso bills, launched in 1985 will be demonetized and cannot be exchanged for the new generation series effective April 1, 2017.
As per Republic Act No. 7653 or the new Central Bank Act of 1993, the central bank is authorized to replace notes of any series or denomination that are more than five years old and coins that are more than 10 years old.