BSP warns vs fake money PDF Print E-mail
Thursday, 09 November 2017 16:59

As the holiday season is fast approaching and purchase of goods is expected to skyrocket, the Bangko Sentral ng Pilipinas  (BSP)  yesterday  (November 7) advises residents to know how to distinguish counterfeit money so as not to be victimized.

BSP Managing Director for Regional Monetary Affairs Iluminada Sicat confirmed in a local hotel in Zamboanga City that there is fake money being circulated, and stressed the importance of public knowledge on how to spot counterfeits.

“The public has to be educated enough to distinguish the fakes,” she said.

To spot fake money, the public can use the basic look-tilt-feel verification measure. Before receiving money, first, look for the watermark on the blank area of the money by tilting the paper bill a bit. Second, feel the money and make sure it is rough and the images are raised. Third, find the security threads that appear stitch-like and metallic. Lastly, for 500 and 1000 bills, ensure that there are round reflective patches on the left front side that change color when rotated.

The BSP also recommends verifying the money in front of the source before receiving it to avoid suspicion of swapping the real for the fake.

“We have instituted security features on our bank notes, and this makes it more difficult for counterfeiters to imitate,” Sicat said.

The BSP urges the public to immediately report proliferation of counterfeit bills. (DIS/PIA9-Zamboanga City)