BSP warns public vs fake P1K bills

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has ramped up its campaign against counterfeiters of banknotes as it warned the public about alleged fake P1,000 bills.

The BSP has led five successful law enforcement operations which resulted in the arrest of 14 individuals and the filing of nine separate criminal charges in the first half.

Under Republic Act 10951, 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.

The central bank has advised the public to carefully check the security features of their Philippine banknotes to ensure their authenticity.

The BSP is verifying reports circulating in messaging apps and social media platforms on the existence of alleged counterfeit P1,000 banknotes.

“The BSP encourages the public to immediately report any information on counterfeiting of Philippine currency to the nearest police station or law enforcement agency for appropriate action,” it said.

The central bank 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.

The BSP 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.