Banks told to submit inventory of old banknotes
MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) has given banks until the end of the month to submit an inventory of the old bills that were exchanged by consumers.
BSP Deputy Governor Diwa Guinigundo issued Memorandum 2017 – 022 reminding all authorized agent banks to submit an inventory of new design series (NDS) banknotes on or before July 31.
The central bank earlier issued Circular 959 allowing banks to submit their NDS banknotes to the central bank’s cash department or any regional offices or branches not later than Sept. 30.
Consumers were given enough time to swap the old NDS bills that were launched in 1985 into the new generation currency (NGC) banknotes introduced in 2010.
The old design banknotes were no longer accepted in day-to-day transactions last Jan. 1 but could still be exchanged in banks and BSP offices. The original deadline was set on Dec. 31, 2016 but extended to March 31 and eventually to June 30 due to public clamor.
The NGC series is user-friendly and allows easy identification of each denomination because of the dominant color that uses distinct and primary inks.