The Bangko Sentral ng Pilipinas (BSP) has tapped the National Bureau of Investigation (NBI) for a crackdown on peddlers of fake money on social media.
In a statement, the central bank said it sought support from the NBI “to search for individuals or groups that have been maliciously posting photos of defaced Philippine currencies” online.
It can be recalled that pictures of peso bills with edited designs as well as fictitious denominations made the rounds on social media, causing confusion among the public.
“The NBI has also been requested to look into the identities of those who have initiated the circulation of ‘fake news’ to deceive the public or generate entertainment from manipulated images of Philippine banknotes and coins on social media or any website on the internet,” the BSP said on Friday.
Under Republic Act 7653 or the New Central Bank Act, the BSP is given the sole power to issue currency used in the Philippines.
“The BSP is likewise vested with police authority to investigate, make arrests, and conduct searches and seizures in accordance with law, for the purpose of maintaining the integrity of the currency,” the central bank said. — Melissa Luz T. Lopez

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