The Bangko Sentral ng Pilipinas (BSP) disclosed that old peso bills can be used for buying and payments until December 31 only.
As such, the bsp has been urging the public to swap their old peso bill called new design series (NDS) with the new generation currency (NGC).
Ma. Lourdes Laconsay, Senior Research Specialist of BSP-San Fernando branch, said the NDS banknotes can still be used for paying, buying and other transactions requiring the use of cash up to December 31.
For overseas Filipinos who can’t exchange their old banknotes within the period, they may register online starting October 1, 2015 to December 31, 2015 through the BSP website (www.bsp.gov.ph).
BSP explained that demonetizing old banknotes is in line with the practices of central banks across the world which normally changes their currency design every 10 years.
In the case of the Philippines, the NDS banknotes have been in use since 1985 or for 30 years already.