BSP advises public to check banknotes’ genuineness
THE CENTRAL BANK advised the public to check their banknotes amid reports of circulating counterfeit P1,000 bills.
The Bangko Sentral ng Pilipinas (BSP) in a statement on Thursday enjoined the public to scrutinize the security features of their banknotes to ensure their genuineness, noting it is verifying reports on social media platforms about alleged counterfeit P1,000 bills.
It noted that the New Generation Currency banknotes are equipped with the latest anti-counterfeiting technology and “improve the visual and tactile differentiation of each denomination”.
“To ascertain the genuineness of the NGC banknotes, the public is advised to use the Feel-Look-Tilt method to check the security features,” the BSP said.
The central bank last year unveiled the enhanced NGC bills that have different engraved horizontal bands for each denomination.
Besides other security features, the P500 and the P1,000 bills also have a roller bar effect on their value panels, which makes counterfeiting more difficult.
Under Republic Act No. 10951, counterfeiters of Philippine currency could face imprisonment of at least 12 years and one day and a fine not exceeding P2 million.
“From January to June 2021, the BSP led five successful law enforcement operations that resulted in the arrest of 14 individuals and the filing of nine separate criminal charges,” the BSP said.
“The BSP also regularly conducts public information campaigns to educate the public on the design, security features, and proper handling of Philippine currency as well as relevant laws, policies, and programs,” it added.
