BSP-Zambo exchanges Php 1.3-M NDS to NGC since January
- Source:http://www.pna.gov.ph/index.php?nid=3&rid=890174
- Tuesday, May 31, 2016
- (PNA), RMA/TPGJR/R.G. ANTONET A. GO
ZAMBOANGA CITY (PNA) – The Bangko Sentral ng Pilipinas (BSP) has exchanged a total of Php 1,307,775 worth of New Design Series (NDS) to New Generation Currency (NGC) since January this year in this city.
Noelle Angela Pamaran, BSP-Zamboanga research analyst, told the Philippines News Agency that the amount was exchanged by 365 individuals who do not have any bank account.
The NDS notes are no longer being used in a day-to-day spending by the public but can still be exchanged to NGC at any bank or with the BSP although its demonetization is effective January 1, 2017.
The NDS that were exchanged with the BSP as of the following denominations and corresponding amount: 510 of PhP1,000 bills (PhP510,000); 459 of PhP200 (PhP91,800); 1,046 of PhP100 (P104,600); 1,947 of PhP50 (PhP97,350); 1,771 of PhP20 (PhP35,420); 2,645 of PhP10 (PhP26,450); and, 1,031 of PhP5 (PhP5,155).
The demonetization of the NDS is pursuant to Monetary Board Resolution No. 1939. The NDS has been in circulation since 1985.
The NDS was demonetized to safeguard the integrity of the Philippine banknotes.
The NGC, which is in circulation since 2010, will replace the NDS.
Pamaran said those who want to exchange their NDS to NGC can visit them from 9 a.m. to 5 p.m. weekdays or any bank near them.