THE central bank said it has extended the period for the public to exchange their previous New Design Series (NDS) banknotes into the New Generation Currency (NGC) series until the end of June this year. The old NDS banknotes, which consist of 5-, 10-, 20-, 50-, 100-, 200-, 500- and 1,000-peso denominations, were first issued on June 12, 1985. These old banknotes may still be exchanged without charge with the BSP, or its authorized agent banks and financial institutions, for the NGC series. The BSP said the extension was the Monetary Board’s response to the “public’s clamor for a longer period of exchange of NDS banknotes,” which have been circulating since 1985. In volume terms, 284 million pieces of NDS bills need to be exchanged, equivalent to 8.6 percent of the 3.3 billion pieces in circulation.

Source: Manila Times March 23, 2017 17:37 UTC