BSP to overseas Pinoys: Last day for online registration of old peso bills is March 31

The Bangko Sentral ng Pilipinas (BSP) on Wednesday reminded overseas Filipinos anew to register online the old peso bills in their possession by March 31 to qualify for exchanging the banknotes for new peso bills.

Overseas Filipinos, Filipino immigrants and non-residents have until March 31 to register up to P50,000 of their old New Design Series (NDS) Banknote System for the new generation currency (NGC).

NDS banknotes registered from January 1 to March 31 will still be accepted in exchange for NGC banknotes until December 31 at any BSP office, the central bank said.

"For overseas Filipinos, original passport and printed confirmation notice need to be presented to facilitate the NDS exchange, at face value, free of charge," the BSP said.

Additional documentary requirements are needed for Filipino immigrants and non-residents.

"Aside from the original passport and printed confirmation notice, Filipino immigrants must present their birth certificate to support Filipino lineage, while non-residents must show proof of previous employment in the Philippines," the central bank said.

The BSP emphasized the old banknotes will be demonetized and cease to be its liability. In other words the NDS peso bills will no longer be accepted as legal tender for goods and services.

The central bank recently extended anew the deadline for exchanging old banknotes to June 30 from the previous deadline of March 31 in response to "public clamor." — Ted Cordero/VDS, GMA News