Amendment to BSP Circular No. 910, Series of 2016
BSP Circular No. 927-16, dated September 30, 2016, amends the previous BSP Circular No. 910, increasing the allowable amount for Overseas Filipinos (OFs) to exchange New Design Series (NDS) banknotes from PHP 10,000 to PHP 50,000. OFs possessing NDS banknotes not exchanged within the period from January 1 to December 31, 2016, can register their holdings online from October 1 to December 31, 2016, and must submit them for exchange within one year of registration. Additionally, OFs in countries facing geopolitical crises during the registration period can utilize the exchange facility from January 1 to December 31, 2017, still under the PHP 50,000 limit. All submitted banknotes will undergo piece-by-piece verification by the BSP.
Quick Answers
- What is Amendment to BSP Circular No. 910, Series of 2016 about?
- BSP Circular No. 927-16, dated September 30, 2016, amends the previous BSP Circular No. 910, increasing the allowable amount for Overseas Filipinos (OFs) to exchange New Design Series (NDS) banknotes from PHP 10,000 to PHP 50,000. OFs possessing NDS banknotes not exchanged within the period from January 1 to December 31, 2016, can register their holdings online from October 1 to December 31, 2016, and must submit them for exchange within one year of registration. Additionally, OFs in countries facing geopolitical crises during the registration period can utilize the exchange facility from January 1 to December 31, 2017, still under the PHP 50,000 limit. All submitted banknotes will undergo piece-by-piece verification by the BSP.
- What type of law is BSP Circular No. 927-16?
- Amendment to BSP Circular No. 910, Series of 2016 (BSP Circular No. 927-16) is a Philippine Other Rules and Procedures enacted by the Congress of the Philippines.
- When was Amendment to BSP Circular No. 910, Series of 2016 enacted?
- Amendment to BSP Circular No. 910, Series of 2016 (BSP Circular No. 927-16) was enacted on Sep 30, 2016.
- What is the citation for Amendment to BSP Circular No. 910, Series of 2016?
- Amendment to BSP Circular No. 910, Series of 2016, BSP Circular No. 927-16, Sep 30, 2016 (Philippines)
Law Information
- Reference Number
- BSP Circular No. 927-16
- Date Enacted
- Category
- Other Rules and Procedures
- Subcategory
- Banks and Banking
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
September 30, 2016
BSP CIRCULAR NO. 927-16
| SUBJECT | : | Amendment to BSP Circular No. 910, Series of 2016, Increasing the Allowable Amount to be Exchanged by Overseas Filipinos (OFs) under the NDS Banknote Exchange Facility from PHP10,000.00 to PHP50,000.00 |
Further to the demonetization of the New Design Series (NDS) banknotes, the Monetary Board, in its Resolution No. 1604, dated 8 September 2016, increased the allowable amount to be exchanged by Overseas Filipinos (OFs) under the NDS Banknote Exchange Facility from PHP10,000.00 to PHP50,000.00. As such, Item Nos. 4 and 5 of BSP Circular No. 910, Series of 2016, are hereby amended, as follows:
"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 BSP Office. 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 PHP50,000.00 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 PHP50,000.00 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.
FOR THE MONETARY BOARD:
(SGD.) AMANDO M. TETANGCO, JR.Governor
Cite This Law
Amendment to BSP Circular No. 910, Series of 2016, BSP Circular No. 927-16, Sep 30, 2016 (Philippines)
Amendment to BSP Circular No. 910, Series of 2016, BSP Circular No. 927-16 (Phil. 2016)
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