ILOILO City – This holiday season, be more vigilant against fake money, warned the Bangko Sentral ng Pilipinas (BSP) in Iloilo.
Sidewalk vendors were the most vulnerable to fake money given the bustle of people on the streets, according to Lowen Andrew Ligad, bank officer II of BSP-Iloilo.
How to spot fake money?
According to Ligad, the public can use the basic feel-look-tilt verification measure.
FEEL (salatin)
The public must feel the security paper, embossed prints and tactile marks.
Eighty percent of the banknote is made of cotton, and 20 percent abaca “that’s why it’s rough to touch,” added Ligad.
LOOK (tingnan)
People must inspect the watermark, security fiber, asymmetric serial number, and see-through mark.
“Kung sa sidewalk indi malingling or tan-aw ang security fiber sang kwarta. Gamitan mo sang UV (ultraviolet) lights,” Ligad said.
TILT (itagilid)
“Hulag-hulagon mo ang kwarta in different angles. Makita naton dira ang security thread,” Ligad said.
The banknote must also have the concealed value, optically variable ink (1000-piso and 500-piso), optical variable device patch and the enhanced value panel (1000-piso and 500-piso).
One of the fastest techniques, according to Ligad, is to soak the paper bills in water.
Counterfeit ones dissolve in a few minutes, he said.
Ligad urged the public to report to their office immediately if they detect fake bills.
Anyone caught counterfeiting money can face imprisonment and a penalty of P5,000 to P10,000 based on the Revised Penal Code./PN
