Philippine Central Bank Warns Against Fake Banknotes
Holiday season is coming and money is the economic unit that functions as a generally recognized medium of exchange for transactional purposes in an economy of any season.
The Bangko Sentral Ng Pilipinas (BSP) warns the public against the spread of fake banknotes after they carried out seven enforcement operations during the first nine months of 2021, that led to the confiscation of more than 500 pieces of counterfeit Philippine banknotes with a notional value of more than P480,000, base on its press release published at BSP's website.
How to detect genuine from counterfeited banknotes?
To detect the real from fake banknotes, you may refer to the infographic below:
The New Generation Currency banknote series currently in circulation has advanced security features that help deter counterfeiting.
The Central Bank encourages the public to report any information on currency counterfeiting to the nearest police station or law enforcement agency, for appropriate action, or contact the BSP Payments and Currency Management Sector for assistance at contact nos. (02) 8988-4833 and (02) 8926-5092.