BSP warns public anew of fake bills during polls

CEBU, Philippines — The Bangko Sentral ng Pilipinas-Cebu has cautioned the public to be vigilant as counterfeit peso bills are expected to again proliferate during the elections.

Barangay election in the Philippines is scheduled on May 14.

In a recent interview, BSP-Cebu regional director Leonides Sumbi said fake bills normally become rampant during election and Christmas season.

Particularly, circulation of money usually rises during election because of vote buying activities of politicians.

Sumbi said the public must particularly be careful of bills with higher denominations such as P100, P200, P500 and P1000 because these are the ones mostly reproduced by counterfeiters.

She advised the public to feel the paper of the bill, which is a bit rough and the embossed printing on it.

She said they should always take the time to check these things to be sure they are not victimized by fake bills.

Cebu Bankers Club had noted that counterfeit notes are usually rampant during the holiday season and election periods.

To protect themselves from counterfeit notes, the public should examine each note that they receive from any person and determine the authenticity of the note.

One of the security features of Philippine peso bills is the security thread which is still present in the new bills.

The common watermark is also still visible in the new Philippine peso bills. Watermark can be seen when the bill is raised against the light.

The public is advised to check the security features of the bills such as the watermark, the serial number which must not have the same measurements, and it must contain security thread.

Other security features include iridescent band, scattered red and blue fibers and fluorescent printing.

Fake money makers normally produce high-denomination banknotes such as P1000 and P500 because of their high value.

People who are caught illegally trading fake bills are bound to face charges for violating Article 166 of the Revised Penal Code which disallows forgery of treasury bills and banknotes.