BANGKO Sentral ng Pilipinas Governor Amando Tetangco Jr. said there will be no more extension of the deadline for the demonetization of old banknotes belonging to the New Design Series circulating in the financial system.
Tetangco, who will end his second six-year term on July 2 and will be succeeded by Deputy Governor Nestor Espenilla Jr., said in an interview the June 30 deadline would be the last extension for the demonetization of old bills.
“There are no plans to extend the deadline of June 30,” Tetangco told reporters at the sidelines of an event at the Bangko Sentral.
The regulator originally set Dec. 31, 2016 as the deadline for the demonetization of old banknotes. It extended deadline to March 31, 2017 in response to public clamor for a longer period of exchange of old bills.
Bangko Sentral on March 27 again extended the deadline to June 30 as the 284 million NDS banknotes amounting to P19.2 billion as of end- February 2017 have not yet been replaced by New Generation Currency bills.
The old bills will lose their value and could no longer be replaced by the new banknotes once the deadline lapsed.
The New Design Series bills were launched in 1985 by the old central bank. The New Generation Currency bills, meanwhile, were ihntroduced by Bangko Sentral in January 2016, with more security features to avoid counterfeiting.