Bangko Sentral ng Pilipinas said it is extending the period for the exchange or replacement of New Design Series banknotes for the benefit of overseas Filipino workers.
“The Monetary Board approved the extension of the period for the exchange or replacement of NDS banknotes in the custody of authorized agent banks, office of provincial, city and municipal treasurers and overseas filipino, filipino immigrants and non-residents,” Bangko Sentral said in a statement.
Bangko Sentral said OFWs could register up to P50,000 of their banknotes on the website http://orbs.bsp.gov.ph until Mar 31.
All NDS banknotes registered from Oct. 1, 2016 until end-2016 shall be submitted for exchange with the new generation currency banknotes with a year of registration at any BSP office.
“Please note that the additional documentary requirements are needed for Filipino immigrants and non-residents for exchange for their NDS banknote holdings,” Bangko Sentral said.
The banks also noted that aside from the proof of identity of immigrants, they must also submit their birth certificate to support Filipino lineage, while non-residents must show proof of previous employment in the Philippines.