BSP to public: Surrender fake currency PDF Print E-mail
Sunday, 02 April 2017 14:44

By R.G ANTONET GO

The Bangko Sentral ng Pilipinas (BSP) is urging holders of fake currency to surrender such to their office to avoid problems brought about by having the counterfeit items in their possession.

BSP data shows that there were 447 pieces of fake money amounting to P182,146 which were turned over to their office for the year 2016.

From January to March this year, a total of P46,120 in fake money was confiscated by the Bangko Sentral.

Hermogenes Buenaflor, BSP Zamboanga Head of the Economic and Financial Learning Center, said that the state imposes a fine of P20,000 and imprisonment of not less than five and not more than ten years for those found to have committed the act of counterfeiting.

Buenaflor advised business establishments to refrain from displaying fake currency as a warning to customers and instead surrender the fake bills to the bank.

“It’s a matter of awareness ano yung security features ng currencies para di mabiktima.  Huwag gastusin if unsure kayo sa pera baka kayo pa ang makulong kasi baka isipin na kayo yung gumagawa ng pekeng pera, kaya pumunta sa BSP o sa pulis para i-turnover,” said Buenaflor.

The New Generation Currency (NGC) is the current currency being used.

The security features of the NGC includes water mark, security threads, security fibers, embossed prints, serial number, see-through mark, concealed value, optically variable device and optically variable ink which are difficult to copy.

Fake currencies have security threads that can be removed and paper quality that is ordinary.  The color used in the bill is also dull.

As soon as a counterfeit bill is surrendered to the BSP, it is immediately sent to the BSP Currency Analysis and Redemption Division in Manila for analysis.

The office is also intensifying their information drive in banks, schools, and offices regarding the NGC to increase awareness on currencies security features.  (RGAAGo)