BSP issues tips in determining fake from authentic banknotes

The Bangko Sentral ng Pilipinas on Thursday called on the public to be attentive to counterfeit banknotes, giving tips on how to spot the security features of the Philippine currency.

In a statement, the BSP said it is verifying reports circulating in messaging apps and social media platforms on the existence of alleged counterfeit 1000-Piso banknotes.

The central bank warned that counterfeiters of Philippine currency are subject to the penalty of imprisonment of at least 12 years and one day, and a fine not exceeding P2 million under Republic Act No. 10951.

Likewise, the BSP said it enhanced the New Generation Currency (NGC) banknotes to incorporate the latest anti-counterfeiting technology and improve the visual and tactile differentiation of each denomination.

To ascertain the genuineness of the NGC banknotes, the public is advised to use the “Feel-Look-Tilt” method to check the security features.

BSP's detailed illustration on how to check a banknote’s security features:

“From January to June 2021, the BSP led five successful law enforcement operations that resulted in the arrest of 14 individuals and the filing of nine separate criminal charges,” it said.

It added, "the BSP also 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.” 

Moreover, it encouraged the public to immediately report any information on counterfeiting of Philippine currency to the nearest police station or law enforcement agency for appropriate action.

“The public may also reach the Payments and Currency Investigation Group (PCIG) at email address currencyinvestigation@bsp.gov.ph,” it said. —LBG, GMA News