P500 Marcos bill? BSP says it has not released new banknote design

The Bangko Sentral ng Pilipinas (BSP) on Tuesday told the public that it has not issued new banknote designs or a new design series.

In a statement, the BSP said it issued the advisory in response to a 500-piso commemorative banknote first posted on a satirical news website being shared broadly on social media.

NO NEW BANKNOTE DESIGN: BSP issues this advisory in response to a 500-piso note posted on a satirical news site being shared on social media. BSP encourages the public to report use of fake banknotes to the police or BSP's currencyinvestigation@bsp.gov.phhttps://t.co/9pUTNIIO02 pic.twitter.com/xug49SEwZK

— Bangko Sentral (@BangkoSentral) November 9, 2021

In a Twitter post, the central bank shared an altered image of a P500 banknote bearing an image of late dictator and former President Ferdinand Marcos, tagging it as “fake news.”

The BSP then warned the public against accepting fraudulent banknotes and encouraged them to report use of fake banknotes to the police or to the BSP’s Payments and Currency Investigation Group.

Under Republic Act No. 10951, counterfeiters of Philippine currency are subject to the penalty of imprisonment of at least 12 years and 1 day and a fine not exceeding two million pesos.

The BSP called on the public to stay informed about legitimate banknotes issued by the BSP.

It said that it regularly conducts public information campaigns to educate the public on the design, security features, and proper handling of Philippine currency as well as relevant laws, policies, and programs. — RSJ, GMA News