BSP warns vs proliferation of fake money during polls

CEBU, Philippines - A few weeks leading to the 2013 midterm elections, the Bangko Sentral ng Pilipinas (BSP) in Central Visayas reinforced the warning against possible proliferation of counterfeit money which may be used to buy votes.

BSP regional director Ma. Lux Berciles in an interview said since January this year, their office has received five requests or a total of 11 pieces of P100, P200, P500 and P1,000-denomination,  referred by various police stations for further examination by the Currency Analysis and Redemption Division of BSP Cash Department.

Whether these investigation requests arose from elections-related operations is yet to be determined.

In a recent report by a national TV news network, the public was alerted on the chance of some syndicates to use the polls season in advancing their illegal causes.

Berciles urged the public to be cautious in their money dealings, saying the best way to distinguish fake money is to know the features of genuine notes.

“The best way to detect if the currency note is counterfeit is to feel the main prints of the notes such as Republika ng Pilipinas, amount in words, numerical figures at the lower right hand of the note and signatures,” she said.

It will also help to feel the embossed part of the strands of the hair in the portrait to determine whether the money has been forged or not. She said one can feel the embossed portions in some parts of the note due to the increased deposit of ink used in the printing.

According to the regional head, circulating fake money, also called “uttering” under the Revised Penal Code (RPC),  in connivance with forgers is punishable with a penalty of reclusion temporal or 12 years and one day to 20 years of imprisonment and a fine not to exceed P10,000.

She said this is clearly laid out under Article 166 of the RPC.

If the circulation or use of fake money, however, is not in connivance with forgers, such circulation or use is punishable under Article 168 of the RPC with a penalty of prison mayor or 6 years and one day to 12 years of imprisonment.

Holding money with the intent to use it is also punishable under Article 168, Berciles said.

It can be remembered that a few months back, operatives of the National Bureau of Investigation in Central Visayas arrested a 64-year-old Richard Uy in Univelle, Barangay Kasambagan, Cebu City for counterfeiting peso and dollar bills.

Uy, resident of the said barangay, was seized during an entrapment operation which resulted in the seizure of about P500,000 worth of fake peso and dollar bills.

Law enforcers also seized several computer units and printers used by Uy in his illegal activity during a subsequent service of the search warrant issued by the court.

The NBI operatives confiscated P250,000 fake bills in P500 and P1,000 denominations and $3,000 US dollars. There were also several fake Malaysian Ringgit and Indonesian Rupiah, bogus land titles, vehicle registration and government receipts. 

Under the current BSP rulings, anyone has the right or obligation pursuant BSP Circular 61 Series 1995 to withdraw doubtful or counterfeit currency from circulation provided that the subject currency shall be receipted or submitted for examination and appropriate action to the Cash Department or any of the BSP regional branches.

All illegal activities, including counterfeiting cases may be reported to the police or any law enforcement agency for filing of appropriate charges against the violators. /JOB (FREEMAN)