Public urged to recognize genuine banknotes
BAGUIO CITY, Philippines — The Bangko Sentral ng Pilipinas (BSP) on Friday encouraged the public to thoroughly examine Philippine banknotes and be wary of counterfeits.
While the use of cashless transactions has become increasingly widespread, a bigger portion of society still uses cash to purchase goods and pay for services.
During Friday’s online media lecture for North Luzon, BSP acting deputy director Nenette E. Malabrigo presented features of the New Generation Currency (NGC) banknotes series released in circulation in December 2010.
Malabrigo said the NGC banknotes have been enhanced and launched in July last year under the Enhanced New Generation Currency (ENGC) banknotes series, which are “more responsive to the needs of the elderly and the visually impaired and feature the latest anti-counterfeiting technology”.
Malabrigo said the public should check carefully for security features of the Philippine banknotes which can readily be detected without the use of any equipment by applying the “feel, look, and tilt” approach.
The added security features of the ENGC banknotes include tactile marks that could be felt, and enhanced value panel for the 500 and 1000-piso banknotes that are noticeable when tilted.
“We are encouraging everyone to examine every banknote…every genuine banknote is rough to the touch…everyday, merong counterfeit,” Malabrigo said.
Malabrigo also reminded the public to help preserve the integrity of the Philippine currency by keeping banknotes and coins clean, placing them inside proper coin purses, wallets or containers, use them for payment of goods and services, and exchange unused coins in banks.
Malabrigo said that the willful deface, mutilation, tearing, burning or destroying, in any manner whatsoever, currency notes and coins issued by the BSP shall be unlawful pursuant to Presidential Decree No. 247 and any person who shall violate such decree shall be punished by a fine of not more than PhP20,000 and/or imprisonment of not more than five years.
Malabrigo also said that unfit banknotes (stained, limped, soiled, with faded print, markings, writings, crumples or heavy folds) and coins may be submitted to any bank for exchange or deposit if the genuineness and/or denomination can still be readily identified.
Mutilated banknotes (charred, decayed, splitting or substrate, with adhesives or staple wires, tears, holes or missing parts) may be submitted to any bank for analysis of the BSP and shall be redeemed at full value if 3/5 or 60% of the surface area, a portion of any facsimile signature, and the security thread is intact, except if the damage appears to be caused by ‘wear and tear’, accidental burning, action of water or chemical, or bites of rodents/insects and the like.
Mutilated coins shall be redeemed at full value except if identification is impossible or coins show signs of filing, clipping or perforation.
Malabrigo also reminded the public to refrain from possessing or using a counterfeit note or coin as it is an offense under the Revised Penal Code and advised to surrender the suspicious banknote or coin to any authorized agent bank for transmittal to BSP, and receive the full value if the note or coin proves to be genuine.
Malabrigo added that a legal tender limit has been set for coins pursuant to BSP Circular No. 537, s. of 2006.
The 1, 5 and 10-Piso coins can be used as payment for goods and services to up to PhP1,000.00 only, and the 1, 5, 10 and 25-Sentimo coins can be used to up to PhP100.00 only as payment for goods and services except when deposited to the bank, Malabrigo said.
Meanwhile, questions surfaced on some concerns like the sizes of the 5 and 1-Piso coins that were confusing, the 200-Piso, and the 20-Piso notes in circulation.
Malabrigo said that the new 20-Piso and enhanced 5-Piso NGC coins shall co-exist as legal tender with the currently-circulating 20-Piso NGC banknotes and round 5-Piso NGC coins, which will be removed from circulation through natural attrition.
Malabrigo added that the 200-Piso banknote is still a legal tender and will likewise only be removed from circulation through natural attrition.//Merriam del Rosario-FNS