BANGKO SENTRAL NG PILIPINAS
OFFICE OF THE GOVERNOR CIRCULAR NO. 910
Series of 2016
Subject: Replacement/Exchange of the New Design Series (NDS)
Banknotes from the General Public and NDS Banknotes in
the Custody of (i)
Authorized Agent Banks, (ii) Office of
Provincial/City/ Municipal Treasurers, (iii)
Clerks of Court/All Law Enforcement Agencies and (iv) Overseas
Filipinos as of 31 December 2016
Further to BSP Circular No. 863
series of 2014, Authorized Agent Banks (AABs) are required to accept from
the general public the New Design Series (NOS) banknotes for exchange with
the New Generation Currency (NGC) banknotes until 31 December 2016. There
are other institutions/entities and individuals who may also have NOS
banknotes in their custody as of 31 December 2016 in consideration of legal
constraints and geographical location, namely (i) the Office of
Provincial/City/Municipal Treasurers {OTs), (ii) Office of Clerks of Court
(CCs)/all law enforcement agencies (ALEAs) and (iii) Overseas Filipinos
(OFs).
To facilitate the replacement/exchange of the NOS banknotes from the
general public by banks and NOS banknotes in the custody of AABs, OTs,
CCs/ALEAs and OFs as of 31 December 2016 with NGC banknotes, the following
guidelines and procedures shall be observed accordingly:
1. All
banks (head offices and their branches) are required to
accept/exchange/replace NOS banknotes until 31 December 2016. Banks'
officers/employees who refuse to accept NOS banknotes from the general
public, clients or non-clients, during the prescribed NOS banknote exchange
period shall be subject to administrative sanctions, pursuant to Section 37
of Republic Act No. 7653, otherwise known as "The New Central Bank Act".
2. AABs
and OTs may submit the NOS banknotes in their custody for
replacement/exchange with NGC banknotes at the BSP-Cash Department and any
of the BSP regional offices/branches starting 2 January 2017 but not later
than the close of business hours on 31 March 2017, with two day prior notice
to allow the BSP to prepare the required volume and denominations of NGC
banknotes. The submission of AABs shall be accompanied by a duly
accomplished BSP form for exchange/deposit of banks. In the case of
submission of OTs, it should be accompanied by a duly filled-up
Inventory/Exchange Form for the New Design Series Banknotes (Annex 1). The
NOS banknote holdings submitted by AABs and OTs to BSP after 31 March 2017
shall not be valid for exchange/replacement. The address, contact
information and territorial coverage of the BSP-Cash Department and the BSP
regional offices and branches are listed in Annex 2.
3. In
the case of NDS banknotes which are subject of pending court cases,
CCs/ALEAs shall submit for exchange the said NOS banknote holdings to the
BSP within six (6) months after the corresponding legal case(s) have been
terminated. To ensure replacement of these notes, CCs and J.\LEAs shall
submit to the BSP-Cash Department a duly filled-up and certified
Inventory/Exchange Form for the New Design Series Banknotes not later than
the close of business hours on 31 January 2017, copy furnished the BSP
Office where the NDS banknotes are to be exchanged, through any of the
following mode of submission: electronic mail, facsimile message, courier or
hand carried. The address, contact information and territorial coverage of
the BSP-Cash Department and the BSP regional offices and branches are listed
in Annex 2. The replacement of NDS banknotes subject of court cases shall be
strictly in accordance with the certified inventory submitted on or before
31 January 2017.
4.
Overseas Filipinos (OFs) working/living abroad who have in their possession
NDS banknotes which could not be exchanged within the prescribed period from
1 January 2016 to 31 December 2016 shall register their NDS banknote
holdings through the BSP Website starting 1 October 2016 to 31 December
2016. The registered NDS banknotes shall be submitted for exchange with NGC
banknotes within one (1) year from date of registration at any of the BSP
Offices indicated in Annex 2. The said NDS banknotes submitted to the BSP
beyond the period of one year from date of registration shall not be valid
for exchange/replacement. The NDS banknote exchange facility provided by the
BSP to OFs shall be limited to Php10,000.00 for each OF.
5. In
the case of OFs who are located in countries experiencing geopolitical
crisis during the registration period (i.e., 1 October 2016 to 31 December
2016), they can avail of the BSP exchange facility for OFs from 1 January
2017 until 31 December 2017, subject to the Php10,000.00 limit for each OF
as cited in item no. 4 of this Circular. The NDS banknote holdings of said
OFs submitted to the BSP after 31 December 2017 shall not be valid for
exchange/replacement.
All NDS banknote holdings submitted for exchange/replacement shall be
subject to the usual piece by piece verification by the BSP.