MANILA – The Bangko Sentral ng Pilipinas (BSP) on Thursday advised the public to carefully check the security features of their banknotes amid reports on social media that fake 1,000-Piso bills are circulating.
“To ascertain the genuineness of the NGC (New Generation Currency) banknotes, the public is advised to use the Feel-Look-Tilt method to check the security features,” according to the central bank.
The BSP is verifying reports in messaging apps and social media platforms on the existence of alleged counterfeit 1,000-Piso banknotes.
“Under Republic Act No. 10951, counterfeiters of Philippine currency are subject to the penalty of imprisonment of at least 12 years and 1 day and a fine not exceeding two million pesos,” it warned.
The BSP stated that from January to June this year, 14 individuals were arrested and nine separate criminal charges filed in connection with counterfeit money.
It stressed that NGC banknotes incorporate the latest anti-counterfeiting technology and improve the visual and tactile differentiation of each denomination.
“The BSP encourages the public to immediately report any information on counterfeiting of Philippine currency to the nearest police station or law enforcement agency for appropriate action,” it added.
The public may also reach the BSP’s Payments and Currency Investigation Group at currencyinvestigation@bsp.gov.ph.(ABS-CBN News)
