Bangko Sentral Denied Fake News Claiming P20 Bill is Only Valid Until End of 2021
The Bangko Sentral ng Pilipinas (BSP) has clarified the fake news spreading online that the P20 paper bill will be only valid until the end of 2021.
The Bank of the Philippines (BSP) has informed the public that 20-Piso New Generation Currency (NGC) banknotes are still legal tender and can be used in everyday transactions. The BSP announced that 20-peso NGC banknotes will be gradually phased out of circulation “through natural attrition or until they become unsuited for recirculation,” according to a statement.
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The BSP also warned in a Facebook post that bogus news is spreading text messages suggesting the 20-peso banknotes will be demonetized by the end of the year. The BSP also issued a recommendation to banks in this regard, encouraging them to boost the distribution, recirculation, and mobilization of new 20-peso coins.
On December 17, 2019, BSP issued the new 20-peso NGC coin. Meanwhile, after receiving allegations of the distribution of counterfeit paper bills, the BSP recommended Filipinos thoroughly inspect their banknotes.
The institution advised the public to check the security features and other signs that would confirm the validity of paper bills, particularly at a time when purported counterfeit 1000-Piso banknotes were circulating. The organization also warned that anyone involved in the production or distribution of counterfeit money would face serious consequences.
From January to June 2021, 14 people were detained and nine criminal charges were brought in connection with counterfeit money. The New Generation Currency banknotes, according to the BSP, are equipped with cutting-edge anti-counterfeiting technology that can quickly discern between different denominations.
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