Bangko Sentral cautions public vs fake peso bills

DUMAGUETE. Dr. Greg Baccay of the Bangko Sentral ng Pilipinas-Negros Oriental gives a briefing on the New Generation Series of Philippine peso coins sometime in June 2018. (File photo by Judaline F. Partlow)
DUMAGUETE. Dr. Greg Baccay of the Bangko Sentral ng Pilipinas-Negros Oriental gives a briefing on the New Generation Series of Philippine peso coins sometime in June 2018. (File photo by Judaline F. Partlow)

DUMAGUETE CITY -- The Bangko Sentral ng Pilipinas (BSP) in Negros Oriental has cautioned the public against fake peso bills following reports of bogus P1,000 bills circulating in the province.

Dr. Greg Baccay, head of the BSP-Negros Oriental’s Economic and Financial Learning Center, on Wednesday, November 7, said their information and education campaign against fake bank notes continues without let-up so the public would learn to differentiate genuine bills from those that are counterfeit.

Just recently, two clients of a bank branch in Dumaguete City presented what appeared to be fake P1,000 notes for deposit transactions in just one day.

Baccay, however, said nobody can immediately tell whether a banknote is fake, even though its appearance may show telltale signs.

There is a process whereby a supposed fake banknote is being documented by the bank, forwarded to the BSP, which, in turn will have to forward it to the main office for verification.

The clients claimed to have no knowledge as to the source or sources of the fake notes.

According to Baccay, intentional circulation of fake bank notes carries a criminal liability, unless proven otherwise that the holder of the fake bill is “innocent”.

There are strict security features in the Philippine peso notes that not all are aware of, Baccay pointed out.

The BSP here is willing to give lectures on genuine and fake bank notes upon request. (PNA)

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