BSP extends deadline of old peso bills exchange to December 29

If you still keep some of those demonetized old peso bills, there is a last chance for you to exchange them for new ones. The Bangko Sentral ng Pilipinas (BSP) has announced the final extension to exchange of such notes and set the ultimate deadline on Friday, December 29, 2017.

The BSP already declared a June 30 deadline for the exchange of such old peso notes. That was the last day for banks to accommodate customers who turn over the old notes and replace them with new ones, or those notes issued from 2010 and later. All establishments nationwide were also advised to reject such old notes in all transactions.

This old banknote series launched in 1985 has already been replaced by new banknote series since 2010.

Thus, if you still keep any of those old notes and you do not want to lose the value of such money, you should proceed to any of the following BSP offices, which are open office hours from 8 a.m. to 5 p.m.:

BSP Main Office, Malate Manila
BSP Currency Issue and Integrity Office
BSP Corporate Affairs Office
Security Plant Complex
La Union Regional Office, San Fernando City
Cebu Regional Office, Cebu City
Davao Regional Office, Davao City

And BSP provincial offices in:
Batac, Ilocos Norte
Cagayan de Oro
General Santos
San Fernando

The swapping of old banknotes originally had a deadline of December 31, 2016. But it was eventually extended to March 2017, then to June 30.

Owners of such old bills can also opt to keep their notes as souvenir, which could be sold to collectors in the future.


Note: A P100,000 maximum amount is set per transaction. Larger amounts may be allowed but payable only by check or direct credit to bank accounts.

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