BSP urges public not to share unverified reports about PHL money

The central bank called on the public to avoid sharing unverified reports when it comes to Philippine money.

“The Bangko Sentral ng Pilipinas (BSP) enjoins the cooperation of the public in preserving the integrity of Philippine currency through sharing of verified and truthful information,” it said in an advisory on Wednesday.

Last month, the BSP warned the public on fictitious reports regarding P10,000 banknotes, which have not been produced and issued by the BSP.

The only New Generation Currency (NGC) banknotes released in circulation are in six denominations, namely: P1,000; P500; P200; P100; P50; and P20.

The central bank also warned the public last week against scammers using fake documents to dupe individuals into parting with their money and confidential documents.

In the same statement on Wednesday, the BSP reiterated the need for the public to continue using Philippine coins in daily transactions.

“The public is also encouraged to recirculate Philippine coins through regular use in daily transactions,” said the central bank.

“Together with BSP-issued banknotes and coins, commemorative coins are deemed legal tender and may be used to purchase goods or services, unless these coins have been demonetized,” it said.

The BSP released NGC coins in March, with “enhanced” aesthetics and security. Among the coin denominations are P10, P5, P1, P0.25, P0.05, and P0.01. —Jon Viktor Cabuenas/VDS, GMA News