ILOILO City – Be wary of counterfeit banknotes this holiday season. Become familiar with the various security features of the Philippine currency, according to the Bangko Sentral ng Pilipinas (BSP) Iloilo branch. Carefully feel, look and tilt the banknotes to check the identifiable security features.
One easy way to determine if banknotes are genuine and not altered is by checking the watermark by viewing the banknote against the light from either side.
The watermark in the blank space should be the same image as the portrait on the banknote and denominational value.
The BSP called on the public to report any information on currency counterfeiting to the nearest police station or law enforcement agency, for appropriate action.
So far this month in this city and Iloilo province, according to BSP-Iloilo bank officer II Lowen Andrew Ligad, there is no recorded case of fake bills yet.
Still, according to Ligad, consumers must not be complacent because “counterfeit notes could not be totally eradicated from circulation.”
Last month, over 50 pieces of fake P500 bills were seized in Barangay San Isidro, Jaro, Iloilo City.
Of particular concern to BSP-Iloilo are sectors of the economy most vulnerable to fake money – small-time traders such as vendors.
“Those selling fruits and those operating small businesses should be careful,” said Ligad.
He warned counterfeiters and those circulating them that they would be held liable for violating the Revised Penal Code.
The New Generation Currency banknote series, currently in circulation, has the latest technology security features that are easily identifiable but difficult to counterfeit.
Meanwhile, BSP-Iloilo assured the public that there is enough supply of cash in this city and Iloilo province.
“We have ample supply of bank notes in circulation. But we encourage the public to not wait for the time they should rush to get their money from the bank,” he said.
To avoid inconvenience, consumers should plan their cash withdrawals, payments and other bank transactions, stressed Ligad.
The public should also withdraw cash well-ventilated and well-lighted automated teller machines, Ligad added./PN
