The Bangko Sentral ng Pilipinas (BSP) increased the maximum amount of old Peso bills that Filipinos living and working overseas can exchange from P10,000 to P50,000 before the demonetization of the New Design (NDS) takes effect. Demonetization is the stripping of a currency unit of its legal tender. Simply put, the NDS, the old Philippine Peso bills and coins the BSP started issuing in 1985 would no longer be accepted in transactions. It would be replaced entirely by the new set of Peso banknotes the BSP calls, New Generation Currency (NGC) which began circulation in 2010.
Registering for the exchange had already begun on October 1st and is set to end on December 31st.
Overseas Filipinos interested with exchanging their old Peso bills for the new ones should register their NDS banknote holdings thru:
For the processing of the NDS exchange, a period of one year from the date of register is allotted for Overseas Filipinos able to register within the specified timeframe to present the following to any BSP office:
- Original Passport
- Printed Confirmation Notice
Leeway is given to Filipinos deployed in countries caught in geopolitical crisis. As this would inevitably affect their registration, they may present their original passport to any BSP office with stamps coming from either of the following:
a. Authorities from war-torn countries
b. Authorities from other countries serving as exit points for repatriation
Processing for such would run from January 1st to December 31st, 2017.
Verification of all NDS banknotes received for exchange would be meticulously done piece by piece by the BSP.