'Report fake bills,' Negrenses urged

BACOLOD. BSP-Bacolod Acting Deputy Director Maria Jocelyn Ladero. (Erwin P. Nicavera)
BACOLOD. BSP-Bacolod Acting Deputy Director Maria Jocelyn Ladero. (Erwin P. Nicavera)

THE Bangko Sentral ng Pilipinas (BSP)-Bacolod has urged Negrenses to report fake banknotes to prevent its proliferation in the province.

The BSP-Bacolod acting deputy director, Maria Jocelyn Ladero, said anybody can come to their office to submit counterfeit bills or doubtful notes.

Ladero said it is usually the commercial banks that come at BSP-Bacolod to submit fake bills.

"Every day, we receive numerous pieces of counterfeit money," she said, adding that "not only the banks, anybody can report."

In terms of process, the BSP-Bacolod predetermines if the bills are really counterfeit or have value.

Any doubtful notes submitted are then being sent to Manila.

It is particularly the Currency Analysis Redemption Division who will have the final say as to the genuineness or the determination of the value of the notes.

If found counterfeit, the BSP can confiscate it. If unfit, they can change it.

Ladero stressed that "there's really counterfeit money circulating in the province" as manifested by those the BSP-Bacolod is receiving every day.

As to the volume, there is a "number" of fake bills in circulation normally in higher denominations like P1,000 and P500, she said.

"We have no idea yet as to where these counterfeit money are manufactured," Ladero said, adding that if there is reported production of fake banknotes in an area, a team from the Cash Department then conducts necessary actions.

The victims of counterfeit bills are mostly small vendors.

With their level of education and having no skills in determining whether the money is fake or genuine, these vendors are always victimized, she added.

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