BSP warns public vs ‘counterfeit’ bills

DUMAGUETE CITY, Philippines — The Bangko Sentral ng Pilipinas (BSP) issued Thursday a warning to the public against the proliferation of “counterfeit” bills as well as mutilated bank notes especially at the height of the election season.

 At a press conference at the BSP Dumaguete office, officials discussed briefly salient points of Presidential Decree 247 or the Anti-Mutilation Law that penalizes the defacement and other willful acts of disrespect such as mutilation, tearing, burning or destroying of any Philippine currency.

The BSP called on politicians to not staple peso bills to sample ballots or other campaign materials as it is a sign of defacement and disrespect to the currency.

Commercial banks have been asked to not accept deposits of money bills that have staple wires on it unless they are removed.

Those that have stickers, whether that of a political candidate or otherwise, shall not be likewise accepted by the banks. Sticky substance on the bank note is also cause for non-acceptance of deposit transactions, the BSP warned.

Also, paper bills with stamped markings, e.g. “vote for”, will also not be received by the bank, the BSP added. 

BSP Deputy Director Nicasio Parco announced that they are increasing public awareness against the mutilation of peso bills as a sign of their support for clean and honest elections in May.

According to him, vote-buying is commonplace during the election season although it is difficult to prove and much harder to identify which of the politicians are engaged in such act.

Parco expressed hope that politicians will respect the law and not tamper with the country’s currency although he disclosed that so far the BSP has not received any reports or complaints regarding this.

Neither has there been any complaint filed in violation of P.D. 247 in Negros Oriental in the past, Parco added.

Parco said it is just an “advocacy” of the Bangko Sentral to make sure that during the election season, the country’s currency is not disrespected.

Gary Rosales, manager of the Bank of the Philippines Islands in Dumaguete and BSP director for external affairs, assured that the bankers’ group in Negros Oriental is supportive of the Bangko Sentral’s advocacy campaign against currency mutilation.

Rosales stressed that they are not accusing the politicians of engaging in vote-buying but they are instead telling the public to just be aware of the implications of possessing defaced/mutilated bank notes.

The BSP officials announced a perceived increase in the withdrawals of huge sums of money during the election season but could not give specifics, only saying that it has always been the trend in the past.

Also, there is no shortage in the province of P20 or lower denomination bills, the ones that are usually shelled out to supporters during the elections.

The BSP has assured that it will inform the bigger establishments regarding its policy against mutilated peso bills, as they also urged the public to be vigilant against the proliferation of counterfeit or fake bills that could be circulating around during May 9 polls. (FREEMAN)