Six individuals face raps filed by the Bangko Sentral Ng Pilipinas for doing this.
BANGKO SENTRAL NG PILIPINAS – Criminal complaints have been filed against six individuals due to the willful destruction of Philippine coins.
Presidential Decree No. 247 is a law that states “Prohibiting and Penalizing Defacement, Mutilation, Tearing, Burning, or Destruction of Central Bank Notes and Coins”.
According to the decree, it is “unlawful for any person to willfully deface, mutilate, tear, burn or destroy, in any manner whatsoever, currency notes and coins issued by the Central Bank of the Philippines” and “any person who shall violate this Decree shall, upon conviction, be punished by a fine of not more than twenty thousand pesos and/or by imprisonment of not more than five years”.
Recently, it has been reported that the Bangko Sentral ng Pilipinas is using six people to destroy Philippine coins to serve as souvenirs wilfully. A suspect named “Jess” was arrested after going viral when he turned a Php 10 coin into a ring in Siquijor.
The same thing happened on Boracay Island as well. In separate entrapment operations in Siquijor and Aklan done by the Philippine National Police, a total of six individuals were trapped.
The charges against the apprehended individuals were already filed in Siquijor and Aklan Provincial Prosecutor’s Offices.
Following this incident, the BSP reminded the people to deal with the banknotes and coins with respect and dignity and to protect them as they are part of the country’s rich culture and heritage.
Meanwhile, in a previous article, the First Philippine Polymer Banknote (FPP) Series was released by the BSP. These new money designs with new materials are “smarter, cleaner, and stronger”. This is a significant step for the country toward modernization in terms of currency.
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