Thursday, June 27, 2019

BSP warns public vs counterfeit bills

THE Bangko Sentral ng Pilipinas (BSP) advised the public to carefully check their Philippine banknotes for identifiable security features to ascertain their genuineness.

Last year, the Navotas City Police arrested two counterfeiters who tried to pay a fish vendor using a counterfeit P 1,000 banknote in San Roque Public Market. The fish vendor, who doubted the authenticity of the banknote, immediately called the attention of barangay officials and the Navotas City Police.

Upon inspection of the personal belongings of the suspects, counterfeit banknotes amounting to P58,000 were discovered, seized, and turned over to the BSP.

These banknotes were the subject of Facebook posts concerning the circulation of counterfeit banknotes.

Since then, the said posts have been the subject of comments from netizens on the various ways to detect fake banknotes.

In May 2018, the Regional Trial Court of Navotas City found the two accused guilty under Article 167 of the Revised Penal Code, or the criminal act of counterfeiting and knowingly putting forged banknotes into circulation, and sentenced them imprisonment of two years, four months, and one day as minimum penalty to six years as maximum penalty.

Since 2010, the BSP has arrested and filed criminal cases against 133 counterfeiters in coordination with other law enforcement agencies. This led to the confiscation of various counterfeit currencies like Iraqi dinar, Japanese yen, Malaysian ringgit, United States dollar, and several equipment and paraphernalia used for counterfeiting.

The New Generation Currency banknote series, currently in circulation, has the latest technology security features that are easily identifiable and difficult to counterfeit.

The BSP advised the public to carefully feel, look, and tilt their banknotes to check its security features.

The BSP encouraged the public to report any information on currency counterfeiting to the nearest police station or law enforcement agency, for appropriate action, or contact the Currency Management Sector for assistance at 988-4833 and 926-5092. (PR)


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