The Bangko Sentral ng Pilipinas (BSP) in a statement advises the public to carefully check the security features of their Philippine banknotes to ensure their genuineness. This as the agency is verifies reports circulating on messaging apps and social media platforms regarding the existence of alleged counterfeit 1000-Piso bill.
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. To ascertain the genuineness of the NGC banknotes, the public is advised to use the Feel-Look-Tilt method to check the security features.
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.
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 BSP also 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 encourages the public to immediately report any information on counterfeiting of Philippine currency to the nearest police station or law enforcement agency for appropriate action.