BSP brings demonetization info drive to Catanduanes

VIRAC, Catanduanes—The Bangko Sentral ng Pilipinas (BSP) held an information drive in this island-province in an effort to make the locals understand the process of replacing the old peso bills, dubbed as New Design Series (NDS) with the New Generation Currency (NGC).

BSP brings demonetization info drive to Catanduanes 
The demonetization process is in line with the provisions of Section 57 of the New Central Bank Act authorizing BSP to replace currency designs that are more than five years old.

A team from the BSP branch in Legazpi City held a briefing before personnel of various banks during an excursion of Catanduanes Bankers Association at Amenia Beach Resort, Virac last April 26.

The following day, the team briefed some local media practitioners.

Before the briefings, the team also gave lessons on earning, spending and saving for the beneficiaries of Pantawid Pamilyang Pilipino Program, the government’s conditional cash transfer to poor families, in 11 towns of Catanduanes.

Team leader Cynthia Ariola, the BSP currency operations division assistant manager for Legazpi, said the demonetization process of the NDS started on January 1.

The NDS banknotes have been in circulation for three decades now. Ariola said that after the demonetization process, only a single currency will be in circulation—the NGC, which was first issued in 2010.

Following are the salient points of the BSP advisory:

1) The public may continue to use the NDS banknotes up to Dec. 31, 2015 in paying and buying goods and services and other business or financial transactions requiring the use of cash. Thereafter, the NDS banknotes will no longer be accepted for payment transactions;

2) From Jan. 1, 2015 to Dec. 31, 2016, the public may exchange with authorized financial institutions their NDS banknotes with the NGC series at full face value without charge. The public may also opt to exchange NDS banknotes with the BSP or any of its regional branches;

3) Government institutions holding in trust NDS series which could not be exchanged during the prescribed period, such banknotes used as evidence in a litigation case, will have to request the BSP cash department in writing, within the period of exchange, for a special exchange arrangement;

4) For Filipinos abroad who have in their possession NDS banknotes which could not be exchanged within the prescribed period, they may register online starting Oct. 1, 2016 to Dec. 31, 2016 through the BSP website. These NDS banknotes may be exchanged with the BSP within one year from date of registration; and

5) Starting Jan. 1, 2017, NDS banknotes that have not been exchanged shall no longer have any monetary value, and are considered demonetized.

Ariola was accompanied by BSP researchers Sharon Moyano and Paulette Gay Santiago. (PIA)


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