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Manila Bulletin devider Business devider BSP investigates fake P1,000 bills

BSP investigates fake P1,000 bills

Published Dec 22, 2021 03:31 pm

The Bangko Sentral ng Pilipinas (BSP) is scouring social media sites involved in the alleged fake 1,000-piso banknotes with a dubious serial number.

The BSP said on Wednesday, Dec. 22, that it is “verifying reports circulating in messaging apps and social media platforms on the alleged counterfeit 1000-piso New Generation Currency (NGC) banknotes” that bears the same serial number ending in “-2507”.

Fake 1,000-piso banknotes (BSP-emailed photo)

“All persons responsible for the manufacture and proliferation of these counterfeit banknotes to the public will be investigated, prosecuted, and dealt with accordingly by law,” the BSP warned. “As such, re-posting or further sharing of this photo or corresponding message on social media with malicious intent is highly discouraged,” it added.

The BSP is also reminding the public to be vigilant when handling and receiving banknotes by checking security features to ensure authenticity since the holidays, especially the Christmas season, usually have an unusual volume of counterfeit money going around.

“The BSP requests the support of the public in reporting persons involved in the manufacture and/or distribution of counterfeit Philippine currency. The public may reach the BSP Payments and Currency Investigation Group at email address [email protected],” said the BSP in a statement.

Under Republic Act No. 10951, apprehended banknotes or currency counterfeiters will be imprisoned for at least 12 years and one day, and they will pay a fine of not more than P2 million. ]

Last year, the BSP strengthened the security features of the 500-piso and 1,000-piso by adding a rolling bar effect on the value panels and color-shifting in the Optically Variable Ink to make the higher denominations more difficult to counterfeit. The enhanced NGC series also feature indigenous Filipino weaves on the windowed security thread of the 100-piso, 200-piso, 500-piso and 1,000-piso banknotes.

Both the enhanced NGC and the earlier version are both circulated but the earlier version does not have the new security features.

In the last 10 years, it has seized some P7.69 million worth of fake money. Majority of counterfeiters are members of crime syndicates.

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