Overseas Filipino workers who still have large holdings of New Design Series can now heave a sigh of relief as limit on the amount they can exchange for New Generation Currencies has been raised.
This is in line with the 11th foreign exchange liberalization of the Bangko Sentral ng Pilipinas announced last August, BSP Deputy Governor Diwa Guinigundo said.
Under the latest foreign currency liberalization, the 10,000 limit for Philippine peso that can be brought in and out of the country was increased to PHP 50,000 “to provide greater convenience to travelers to and from the Philippines."
NDS, which were issued since 1985, had monetary value only until December 31, 2015.
Demonetization of the old series paper bills was done three decades after the central bank issued the NDS.
Under Section 57 of Republic Act (RA) No. 7653 or the New Central Bank Act, the Bangko Sentral may replace notes of any series that are more than five years old and coins that are more than 10 years old.
The BSP defines demonetization as “the process of removing the monetary value of a legal tender currency by the issuing authority.”
Demonetized currencies will no longer be accepted for payment of goods and services.
Philippine-based Filipinos may exchange their NDS holdings at the various central bank offices nationwide until the last banking day of 2016.
On the other hand, Filipinos who are residing overseas may register from October 1 to December 31, 2016, through the BSP website, www.bsp.gov.ph, to be able to apply for the currency exchange. They can exchange their NDS within a year after registration.
Guinigundo said a circular will be issued announcing the increase of cap overseas-based Filipinos can swap for NGCs.