Freeman Cebu Business

BSP calls on public to keep banknotes fit for circulation

Carlo S. Lorenciana - The Freeman

CEBU, Philippines - The Bangko Sentral ng Pilipinas appeals to the public to keep banknotes fit for circulation.

BSP-Cebu Director Leonides Sumbi said the public should stop from stapling, crumpling, defacing and even writing on peso bills to keep them in good look.

She warned these activities are punishable by law under Presidential Decree 247 or Anti-Mutilation Law.

Such law penalizes willful acts of disrespect such as mutilation, tearing, burning and destroying the Philippine currency.

Destroying the banknotes may shorten their lifespan.

Sumbi said peso bills unfit for circulation are shredded by the central bank.

She added it costs a significant amount of money to have new banknotes printed.

In addition, the official also cautioned the public against fake money especially with the upcoming elections when vote buying is expected to happen.

BSP, she said, supports clean and honest elections.

She pointed out that proliferation of fake peso bills is not new especially during elections but warned the public to be extra vigilant. — (FREEMAN)

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