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Social media coin ring maker among six charged for currency mutilation

Business | Banking & Finance

Social media coin ring maker among six charged for currency mutilation

By Manila Bulletin

The Bangko Sentral ng Pilipinas (BSP) and the Philippine National Police (PNP) have filed criminal complaints against six individuals for willfully destroying Philippine coins.

The arrests and charges follow separate entrapment operations conducted by the BSP and PNP in Siquijor and Boracay, Aklan.

The BSP’s Payments and Currency Investigation Group (PCIG) and the PNP Criminal Investigation and Detection Group (CIDG) filed charges with the Siquijor and Aklan Provincial Prosecutor’s Offices.

Among the suspects is an individual known as “Jess,” who gained social media attention for destroying a 10-Piso coin and turning it into a ring in Siquijor. Another individual was apprehended in Boracay for the same illegal activity.

The BSP stated that these actions violate Presidential Decree No. 247, which criminalizes the willful defacement, mutilation, tearing, burning, or destruction of Philippine banknotes and coins. A conviction under this decree can result in up to five years imprisonment and/or a fine not exceeding ₱20,000.00.

The BSP reiterated its call for the public to handle Philippine currency with respect and dignity, recognizing its importance to the country's culture and heritage.

The BSP also encouraged the public to report currency mutilation to the nearest police station or the BSP PCIG via email at [email protected] or by telephone at (02) 8988-4833 and (02) 8926-5092.

Related Tags

Bangko Sentral ng Pilipinas (BSP)

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