Bangko Sentral shares tips in determining fake banknotes
MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) on Thursday advised the public to carefully check their banknotes to ascertain the genuineness of the Philippine currency.
The BSP issued the advisory following reports circulating in social media and messaging apps on the existence of alleged counterfeit 1000-Peso banknotes.
Under Republic Act No. 10951, counterfeiters of Philippine currency are subject to the penalty of imprisonment of at least 12 years and 1 day and a fine not exceeding two million pesos, the central bank warned.
To check the authenticity of the new generation currency (NGC) banknotes, the BSP advised the public to use the “Feel-Look-Tilt” method to check the security features.
A detailed illustration of this method has been posted on BSP’s website.
“From January to June 2021, the BSP led five successful law enforcement operations that resulted in the arrest of 14 individuals and the filing of nine separate criminal charges,” the central bank said.
The BSP also said it 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,” it said.
The central bank advised the public to immediately report any information on counterfeiting of Philippine currency to the nearest police station or law enforcement agency for appropriate action.
The public may also reach the Payments and Currency Investigation Group (PCIG) at this email address, it added.
BSP warns public against ‘pasalo-benta’ auto loan scam
MANILA, Philippines—The Bangko Sentral ng Pilipinas (BSP) on Wednesday (September 29) issued a warning against the “Pasalo-Benta” auto loan scam carried out by carnapping syndicates.
Under the said scheme, a syndicate member would purchase a vehicle from a seller with an agreement to assume payments for the auto-loan.
However, the scammer has no intention of paying the remaining amortizations and would sell the vehicle to an unwitting buyer using falsified documents that deny the latter of any rights over the vehicle.
“As a result, the original seller defaults on his/her auto loan and the car gets repossessed, leaving the end-buyer with nothing,” the BSP said in a statement.
The BSP previously issued a memorandum in August 2021 for BSP-Supervised Financial Institutions (BSFIs) regarding organized crimes through auto loans.
Through the said memorandum, the central bank called on the BSFIs to prevent said crimes by “reinforcing the conduct of customer identification and verification procedures.” It also advised BSFIs to strengthen the implementation of Anti-Money Laundering Act (AML) regulations.
Meanwhile, the Philippine National Police (PNP) also warned against syndicates that purchase high-end motor vehicles through auto loans under fictitious circumstances such as fabricated conduction stickers, plate numbers, identities, and falsified documents. AAC
20-piso banknote remains legal tender — BSP
MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has advised the public that the 20-Piso New Generation Currency (NGC) banknotes remain as legal tender and that it still can be used alongside the 20-Piso NGC coins for day-to-day transactions.
In a statement, the country’s central bank said that the 20-peso NGC banknotes, shall be gradually removed from circulation through natural attrition or until they become unfit for recirculation.
In relation to this, the BSP also recently issued an advisory to banks to promote the distribution, recirculation, and mobilization of the 20-peso coins.
The BSP released the new 20-peso NGC coin on 17 December 2019.
The bi-color 20-peso coin retains major elements of the 20-peso banknote. The obverse side of the coin features Manuel L. Quezon, while the reverse side shows the BSP logo, the Malacañan Palace, and the Nilad plant.
In a Facebook post, the BSP has warned the public of circulating messages that the 20-peso banknotes will be demonetized by the end of the year.
The BSP enjoins the public to properly use and recirculate Philippine coins for their economic and cultural value. —/mbmf
BSP reminds banks to accept mutilated banknotes, coins
MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) on Friday (August 20) reminded all authorized agent banks to accept mutilated banknotes and coins from the public.
Pursuant to BSP Circular No. 829, all BSP-authorized agent banks shall subsequently forward the said mutilated and/or doubtful currencies to the BSP for examination of redemption value and/or genuineness.
To avoid disintegration or further deterioration while in transit, banks are advised to place mutilated currency in appropriate containers.
Mutilated banknotes shall be valid for redemption if all of the following requirements are met;
– The remaining surface area is no less than 3/5 of the original size of the banknote;
– A portion of any one of the signatures of the President of the Philippines or the Governor of the BSP remains; and
– Presence of the Embedded Security Thread (EST) or Windowed Security Thread (WST), unless the same is lost or damaged due to fire, water, chemical, or bitten by termites/rodents and the like.
Banknotes whose EST or WST were willfully removed shall not be valid for redemption.
The BSP encourages the cooperation of the banks and the public to help the agency preserve the integrity of Philippine currency.