The Sangko Sentral ng Pilipinas (BSP) reminds the public that old banknotes belonging to the New Design Series (NDS) will soon be demonetized as part of BSP's objective to preserve the integrity of the Philippine currency. The NDS banknotes are being replaced with New Generation Currency (NGC) banknotes with enhanced security features to protect the public against counterfeiters.

Filipinos overseas who may have holdings of old banknotes are advised that the old banknotes may be used to pay and buy goods and services only up to 31 December
2015. Thereafter, these banknotes may only be exchanged with New Generation Currency (NGC) until 31 December 2016 by authorized financial institutions. Those who have in their possession NDS banknotes which could not be exchanged within the prescribed period may register online starting 1 October 2016 until 31 December 2016 through the BSP website (www.bsp.gov.ph). These NDS banknotes may be exchanged within one year from date of registration.

Starting 1 January 2017, NDS banknotes that have not been exchanged shall no longer have any monetary value and will be considered demonetized.

More information on the demonetization of old banknotes may be obtained through BSP website.