Beware of fake bills, BSP warns

AS Christmas shopping season peaks, the Bangko Sentral ng Pilipinas (BSP) is warning the public to watch out for fake bills.

BSP Cebu Director Leonides Sumbi said counterfeiters usually take advantage of this busy season to circulate fake bills in the market.

Most fake bills are in the P200, P500 and P1,000 denominations.

Sumbi advised the public to be vigilant and to take the time to check the bills before they put them in their wallet.

She also told cashiers not to feel pressured to hurry up even if the lines are long and the customers are trying to rush them.

But between the two, Sumbi said it is the customer that usually falls prey to fake money.

“Don’t be in a hurry. Take time to count and check your money before leaving the store,” said Sumbi.

The BSP official said the key is to be familiar with the security features of the banknotes. She said the better the public knows these, the faster they can authenticate any bill.

“We encourage everyone to learn the security features of our banknotes so you can protect yourself from counterfeiters,” she said.

The volume of documented counterfeit banknotes in the Philippines in the first semester of 2017 remains low at 6.3 pieces per million (PPM), said the BSP in its website.

Using the benchmark of the G-20 countries to categorize a currency system as secured at 50-PPM or below, the Philippine peso banknote is considered safe.

To educate the public on the security features and proper handling of Philippine currency, the BSP, with its twenty-two regional offices and branches, in close coordination with stakeholders, conducted 1,924 briefings to 174,674 participants from January to June 2017, as part of the BSP’s intensified public information campaign. (KOC)

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