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.
In June, the BSP issued an advisory to deny that they are printing bills with a face value of P10,000, contrary to a Facebook post which went viral. The fake bill supposedly carries the face of former President Ramon F. Magsaysay and the Mount Pinatubo printed on the reverse side.
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.
The BSP prints bills and mints coins at its Security Plant Complex along East Avenue in Quezon City. New coins with the same nickel-plated steel look come in denominations of P10, P5, P1, 25 centavos, five centavos, and one centavo have been in circulation since March 26 this year.
The central bank also has also issued bills worth P20, P50, P100, P200, P500, and P1,000 since 2010. — Melissa Luz T. Lopez