THE Bangko Sentral ng Pilipinas (BSP) advises the public to carefully check the security features of their Philippine banknotes to ensure their genuineness.
The BSP is verifying reports circulating in messaging apps and social media platforms on the existence of alleged counterfeit 1000-Piso banknotes.
Under Republic Act 10951, counterfeiters of Philippine currency are subject to the penalty of imprisonment of at least 12 years and one day and a fine not exceeding two million pesos.
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 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.
The BSP enhanced the New Generation Currency (NGC) banknotes to incorporate 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 encourages the public to immediately report any information on counterfeiting of Philippine currency to the nearest police station or law enforcement agency for appropriate action.
The public may also reach the Payments and Currency Investigation Group (PCIG) at email address email@example.com. (PR)