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Monday, December 26, 2016
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ILOILO City – ‘Tis the season to be wary of fake money and those making and spreading them, according to the Bangko Sentral ng Pilipinas (BSP) Iloilo branch.
Unlike in previous years, BSP Iloilo received fewer complaints related to counterfeit money this 2016 but this should not make people complacent, stressed Deputy Director Joanne Marie Castelo.
If one has counterfeit money, this must be turned over to the BSB Iloilo office, she stressed.
“Surrender it or else ikaw nga naga-possess sina makasuhan,” she said.
Money counterfeiters are getting more sophisticated, observed Castelo.
“Please be vigilant. You could be victimized,” she appealed to the public.
Section 8 of Circular No. 829 Series of 2014 of the Office of the Governor of BSP, states: “No person or entity, public or private, shall design, engrave, print, make or execute in any other manner, or issue, distribute, circulate or use any handbill, advertisement, placard, circular, card or any other object whatsoever, bearing the facsimile, likeness or similitude of any legal tender Philippine currency note, or any part thereof, whether in black and white or any combination of colors, without prior authority thereof having been secured from the Governor, BSP, or his duly authorized representative.”
Violators face imprisonment of not less than five years but not more than 10 years.
“Some can produce fake peso bills that really look genuine,” said Castelo, and they take advantage of the holiday season.
Scrutinize the money carefully, Castelo suggested.
The portraits on the paper bills must appear life-like, and their eyes must look like they “sparkle”, she said.
“Ang mata sang tawo sa real money daw alive. Pero kun (counterfeit) nga xerox-xerox lang, daw ka-dull. Tapos ang fake naga-smear,” said Castelo.
She gave two more security check tips. These were:
* The serial number must have one or two prefix letters and six or seven digits.
* Look for other security features such has the visible red and blue fibers embedded and scattered at random on either side of the paper bill.
According to Castelo, BSP’s recent move to come out with new banknotes, this time with the signature of President Rodrigo Duterte, may somehow curb the spread of counterfeit money.
One reason old banknotes must be replaced as soon as possible is to drive counterfeiters out of business, she said.
“The longer the old banknotes are in circulation, the chance gets bigger for counterfeiters to figure out the bills’ security features and perfect the production of fake ones,” said Castelo.
BSP Iloilo urged the public to exchange their old banknotes for new ones now.
The deadline is Dec. 31. Bills under the New Design Series (NDS) must be replaced by the ones under the New Generation Currency (NGC).
In 2017, the NDS banknotes will no longer be accepted.
“Do not wait for the deadline,” Castelo stressed.
The NDS banknotes (launched in 1985) include P5, P10, P20, P50, P100, P200, P500, and P1,000 bills but the NGC ones (produced starting Dec. 16, 2010) include only P20, P50, P100, P200, P500 and P1,000.
New banknotes feature “young-looking” famous Filipino figures and Philippine natural wonders, the BSP said.
“We have been using the old banknotes for more than three decades now,” said Castelo. “In other central banks around the world, a banknote lasts only 10 years.”
BSP and the other banks have been exchanging old banknotes for new ones since January. (Merianne Grace Ereñeta/PN)
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