The 20 piso banknote is still legal tender – BSP – UNTV News
Manila, Philippines – The Bangko Sentral ng Pilipinas (BSP) on Thursday advised the public to carefully check their banknotes to ensure the authenticity of the Philippine currency.
The BSP issued the advisory following reports circulating on social media and messaging apps about the existence of alleged counterfeit 1,000 peso banknotes.
Under Republic Law No. 10951, counterfeiters of Philippine currency are liable to imprisonment for at least 12 years and 1 day and a fine not exceeding two million pesos, a warned the central bank.
To verify the authenticity of New Generation Currency Notes (NGC), the BSP has advised the public to use the âFeel-Look-Tiltâ method to verify security features.
A detailed illustration of this method has been posted on the BSP website.
âFrom January to June 2021, the BSP conducted five successful law enforcement operations that resulted in the arrest of 14 people and the filing of nine separate criminal charges,â the central bank said.
The BSP also said it regularly conducts public information campaigns to educate the public on the design, security features and proper management of Philippine currency as well as relevant laws, policies and programs.
âThe BSP has enhanced Next Generation Banknotes (NGCs) to incorporate the latest anti-counterfeiting technology and improve the visual and tactile differentiation of each denomination,â he said.
The central bank has advised the public to immediately report any information about counterfeit Philippine currency to the nearest police station or law enforcement agency for appropriate action.
The public may also contact the Payments and Currency Investigation Group (PCIG) for this E-mail adress, he added.