THE Bangko Sentral ng Pilipinas (BSP) alerted the public on a 500-peso commemorative banknote being broadly shared on social media.
“The BSP warns the public against accepting fraudulent banknotes and encourages anyone in the know to report use of fake banknotes to the police or to the BSP’s Payments and Currency Investigation Group,” the BSP said.
Under Republic Act 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.
In the same statement, the BSP also warned the public against accepting fraudulent banknotes and encouraged anyone in the know to report use of fake banknotes to the police or to the BSP’s Payments and Currency Investigation Group.
“The BSP enjoins the public to stay informed about legitimate banknotes issued by the BSP. [We] regularly conduct 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,” the BSP said.
Earlier this month, the BSP reported that it has carried out seven enforcement operations in the first nine months of 2021 that led to the seizure of more than 500 pieces of counterfeit Philippine banknotes worth more than P480,000.
The enforcement operations also resulted in the arrest of 16 suspects, 14 of which were members of crime syndicates.
In addition to the seized counterfeit Philippine currency, the BSP also seized more than 200 pieces of counterfeit foreign banknotes during the said period.
The BSP’s Payments and Currency Investigation Group, which carries out said operations, has already filed criminal cases against the arrested individuals in the courts.