Question & AnswerQ&A (BSP MEMORANDUM)
The deadline for the replacement or exchange of old Central Bank coins is on January 2, 1998.
All agent banks including their branches and agencies with old Central Bank coins in their possession or custody as of January 2, 1998 are required to make an inventory by denomination of the demonetized coins.
Banks must submit their inventory reports indicating the total amount in words and figures not later than the close of office hours on March 31, 1998.
Provincial branches of commercial and thrift banks must send their individual inventory reports to their respective head offices for consolidation and furnish a copy to the nearest BSP Regional Office or Cash Unit.
Head offices of banks submit the consolidated inventory reports to the BSP-Cash Department on or before March 31, 1998.
They should submit their consolidated inventory reports directly to the BSP-Cash Department on or before March 31, 1998, with a copy furnished to the nearest BSP Regional Office Unit.
All banks and their provincial branches should send or ship the old Central Bank coins not later than June 30, 1998.
They shall be subject to administrative sanctions pursuant to Section 37 of Republic Act No. 7653.
Inventory reports may be sent to or coursed through the BSP Cash Department at Mabini St., Malate, Manila, or to any BSP Regional Office or Cash Unit as listed in the guidelines.
No, exchange or replacement shall be to the extent of the reported amount only, subject to piece-by-piece verification by BSP-Cash Department and Regional Cash Units.