The Monetary Board approved the extension of the deadline for the exchange or replacement of New Design Series (NDS) banknotes with the Bangko Sentral ng Pilipinas (BSP) or its authorized agent banks at par with New Generation Currency (NGC) banknotes and without charge to 30 June 2017.
This recent decision of the Monetary Board, which was made in response to public clamor for a longer period of exchange of NDS banknotes, amends BSP Circular No. 935 dated 28 December 2016. It may be recalled that this earlier BSP Circular stipulates that after 31 March 2017, the NDS banknotes which have not been exchanged shall cease to be liability of the BSP and shall be demonetized.
Source: http://www.bsp.gov.ph/publications/media.asp?id=4322