Do not mutilate banknotes: BSP | SunStar

Do not mutilate banknotes: BSP

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Do not mutilate banknotes: BSP

Friday, October 06, 2017

A VIDEO of the burning of what appears to be Philippine banknotes has come to the attention of the Bangko Sentral ng Pilipinas (BSP).

The BSP is investigating this incident for appropriate action.

The BSP reminded the public that it is unlawful to willfully deface, mutilate, tear, burn or destroy currency notes and coins issued by the BSP, according to Presidential Decree No. 247.

Any person who violates the decree will be fined not more than P20,000 and/or imprisoned for not more than five years. No person or entity may put into circulation notes, coins or any other object or document, which in the opinion of the Monetary Board of the BSP might circulate as currency, as stipulated under Section 50 of the New Central Bank Act.

Likewise, it is prohibited to reproduce or imitate the facsimiles of Bangko Sentral notes without prior authority from the BSP.

The BSP is authorized to investigate, make arrests, conduct searches and seizures in accordance with law, for the purpose of maintaining the integrity of the currency.

“We wish to highlight that the general public should take pride in our Philippine banknotes that honor Filipinos who played significant roles at various moments of our nation’s history as well as depict the country’s world heritage sites and iconic natural wonders. The Philippine banknotes remain a constant reminder of our ancestors’ patriotism and bravery, as well as centuries of journey for a better future for our countrymen,” the BSP said in a statement.

The BSP said any acts should be reported to the nearest law enforcement agency or to the BSP’s Currency Issue and Integrity Office. (PR)

Published in the SunStar Cebu newspaper on October 07, 2017.

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