NDS banknotes to be demonetized in December — BSP PDF Print E-mail
Friday, 22 May 2015 11:51

The Bangko Sentral ng Pilipinas (BSP) has reiterated its advice to the public to spend their New Design Series (NDS) currencies as these notes will soon be demonetized.

Vicente Celestial, BSP-Zamboanga acting branch head, made the appeal Thursday citing the NDS will be demonetized by December of this year.

To be demonetized are the following: P5; P10; P20; P50; P100; P200; P500; and, P1,000 bills.

Celestial said the demonetization of the NDS is in line with the Monetary Board Resolution No. 1939.

Celestial said the demonetization is aimed at avoiding counterfeiting since the NDS has been in used since 1985 or for over 29 years.

He said the other reason for demonetizing the NDS is to safeguard the integrity of the Philippine banknotes.

The NDS banknotes will be replaced by the New Generation Currency (NGC) banknotes, which has been in circulation since December 2010.

Celestial said that 10 percent of the banknotes in circulation are NDS while the NGC circulation is already 90 percent.