BSP Warns Filipino People Against Fake P1000 Bills Circulating in the Country
The Bangko Sentral ng Pilipinas (BSP) has warned the public against fake P1000 bills, which currently circulates in the country.
On Thursday (September 9, 2021), BSP advised the Filipino people to carefully check their banknotes after receiving reports regarding the circulation of counterfeit paper bills. The agency received the reports messaging apps and social media platforms.
“To ascertain the genuineness of the NGC banknotes, the public is advised to use the Feel-Look-Tilt method to check the security features,” BSP said.
The institution instructed the public to check the security features and other signs that would validate the authenticity of paper bills especially during this time alleged counterfeit 1000-Piso banknotes were existing in the circulation.
The group also warned the group or individuals involved in producing or distributing counterfeit money would face corresponding sanctions and penalties.
“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,” BSP added.
14 individuals have been arrested and nine separate criminal charges have been filed in relation with counterfeit money from January to June 2021. BSP explained that the New Generation Currency banknotes contain the latest anti-counterfeiting technology that could easily distinguish the difference of each denomination.
The central bank also encouraged the Filipinos to report any details related to usage or production of counterfeited Philippine currency to the police authorities for legal action.
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