BAGUIO CITY – The Bangko Sentral ng Pilipinas (BSP) wants the public to maximize the spending of the New Design Series (NDS) bank notes before they will be demonetized by year 2017.
Rogel Joseph V. del Rosario, Acting Director of the La Union-based BSP office, explained the NDS bank notes which were produced by the BSP since 1985 can still be used to purchase goods and services side by side with the New Generation Currency (NGC) bank notes which were produced just recently.
Del Rosario disclosed the NDS bank notes can still be used for the daily transactions of the people until 31 December 2015 but it can no longer be used to purchase goods and services after the said date.
However, he revealed the NDS can still be replaced by authorized bankis and the BSP cash department as well as its regional offices from 01 January to 31 December 2016 as the said notes will no longer have value starting 01 January 2017.
“The BSP will no longer be accountable to the public if they were not able to spend or have their NDS bank notes in time for the prescribed deadline on 01 January 2017 because we already informed the people on what to do as early as now,” del Rosario stressed.
After the NDS bank notes have been demonetized on 01 January 2017, del Rosario claimed the same will no longer be allowed to be used to purchase goods and services and even in bank transactions because what will be duly recognized by the BSP are the NGC bank notes that were just recently produced during the Aquino administration.
The BSP officials called on the public to immediately use their NDS bank notes for their daily transactions so that they will be no longer burdened in case they have been keeping the same in their vaults. While it is true that the public can still have the NDS bank notes replaced by the banks authorized by the BSP next year, del Rosario said the public must not wait for the deadline to come before being in a panic mood that would affect their decision-making that would allow them to still keep the NDS bank notes which would be demonetized soon.
For further inquiries, the public can get in touch with the BSP corporate affairs office at telephone numbers 02-708-7134, 02-708-7140 or 02-708-7701 local 2259/2876, or fax number 02-708-7138.