[Latest News][6]

2016
Achievers
Advisory
Agriculture
Albay
Albay News
Announcements
Banner
Bicol
Bicol Express
bicol local news
bicol local newspaper
Bicol News
bicol news latest
Bicol Songs
Bicol Vigilantes
Bicolana beauties
Bicolano achievers
Bikol news
Binibining Pilipinas
Business
Camarines Norte
Camarines Sur
Caramoan Massacre
Case in Point
Catanduanes
Celebrations
Church
Column
Community
Contributions
Culture
Daet
Daraga
Development
Disaster
Documents
Drugs
Economy
Editorial
Education
Entertainment
Environment
Events
Feature
Features
Filipino News
Food
Food Trip
Government
Headlines
Health
Human Interest
Infographics
Infrastructure
Iriga
Iriga City
Isipon Osipon
Jobs
Jokes
Kantang suanoy
Legazpi
Legazpi City
Letters
Libmanan
Lifestyle
Ligao City
Live
Masbate
masbate city
mayon
MayonPH
Media
Mining
Modelo Bikolano
Nabua
Naga
Naga City
Nagueno
Nation
National
News
News Bullets
OFW
Opinion
Oragon
Orgullo
Palarong Bicol 2014
Palarong Bicol 2015
Penafrancia
Penafrancia 2014
Photos
Places
PNR
Police
Police Report
Politics
Polls
Power
Power Watch
Rawitdawit
Region
Science
Sorosgon
Sorsogon
Sorsogon City
Sorsoson
Special
Sports
Tabaco City
Tigsik
Tips
Tourism
Trending
Trivia
Videos
virac
Weather
Weekly Roundup
Who reads Bicol Standard
Willy Bayola
World
Youth

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)



Bicol Standard

Bicol news

Start typing and press Enter to search