Tuesday, December 8, 2015

OFWs with old banknotes can exchange them until 2017 –BSP

Overseas Filipino workers who still have banknotes from the old series launched in 1985 could still have them exchanged for one more year beyond the December 31, 2016, deadline set by the Banko Sentral ng Pilipinas — provided, however, that they register online.
BSP Deputy Director for Currency Issue and Integrity Office Maya Gratia Malic on Monday said OFWs who could not exchange their old banknotes with banks or BSP offices from January to December 2016 may register online starting October 1, 2016 to Dec. 31, 2016 through the central bank’s website, bsp.gov.ph.
The old banknotes can then be exchanged with the BSP within one year from the date of registration.
The BSP, however, limits the value of old banknotes that could be exchanged by each OFW to P10,000.
The central bank would also only honor the value of the old banknotes registered by an OFW for exchange, Malic said.
“Kung halimbawa may P10,000 na old banknotes ang isang OFW pero P5,000 lang ang pina-register niya, yung P5,000 lang ang iho-honor namin,” she told reporters during a briefing on the BSP’s demonetization program for bills from the Old Banknote Series.
Meanwhile, Malic said courts and other law enforcement agencies (OLEAs) keeping old banknotes for evidence in court cases must provide BSP with the list of their peso bill holdings on or before Jan. 31, 2017. The banknotes can be exchanged after the termination of the case.
As of Sept. 2015, Malic said there at least 432 million pieces of old banknotes in various denominations that are still in circulation, which represent 15 percent of the peso bills currently in use by the public.
“We are looking forward to the return of these [old] banknotes, which have an equivalent amount of P67 billion," she said.
Starting January 1, 2016, peso bills launched in 1985 may no longer be used for daily transactions, and can only be exchanged in banks and BSP offices until Dec. 31, 2016. They would fully lose their monetary value starting January 1, 2017.
The BSP’s demonetization process is in line with Section 57 of Republic Act No. 7653 or the New Central Bank Act.
The central bank is encouraging the public to use their old banknotes until Dec. 2015, or surrender them in 19 BSP branches and commercial banks in exchange for the New Generation Currency bills launched in 2010. —KBK, GMA News

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