BSP tells public to be vigilant, learn how to detect fake bills

CEBU, Philippines - With the possible proliferation of counterfeit money in the country, it is best to be familiar with the security features of genuine bank notes and coins and detect the fake ones.

The Bangko Sentral ng Pilipinas (BSP) reiterated to the public to be vigilant when it comes to handling and accepting money to avoid being deceived from counterfeiters.

BSP regional director Ma. Lux Berciles said that although there have been no apprehensions yet on fake Philippine money lately due to the increased awareness of the public on counterfeiting, it is still best to stay cautious at all times.

She said that businessmen, vendors and even ordinary cash handlers need to learn how to differentiate fake bills from genuine ones by identifying the security features of the latter.

Pursuant to Section 50 of Republic Act 7653, BSP shall have the sole power and authority to Issue currency within the territory of the Philippines. It also has the authority to investigate, make arrests, conduct searches and seizures to maintain the integrity of the currency

On December 16, 2010, BSP launched the New Generation Currency (NGC) series banknotes to replace the New Design Series (NDS) which has been in circulation for more than 25 years.

The regular practice of central banks changing the designs of their money is intended to protect the currency  against counterfeiters by making it difficult and costly for them to produce exact copies.

The following are the existing and added state-of-the art security features of the NGC series of genuine bank notes:

• The genuine notes are printed on a special paper, thus are rough and course in texture. It does not glow under ultraviolet light but feels substantial and solid to touch.

• The watermark figure or the silhouette of the portrait appearing on the face of the note, is solid, distinct, well-defined and life-like.

• The security colored fibers are embedded red and blue visible fibers scattered at random on both surfaces of the bill. Embedded metallic threads, on the other hand, are special threads implanted vertically off center of the note and appears either as broken line for P5, P10 and P20 denominations and continuous line for P50, P100, P200, P500 and P1000 bills.

• The main prints of the notes such as Republika ng Pilipinas, amount in words, numerical figures at the lower right hand of the note and signatures are clearly printed and readable.

• Serial numbers are composed of one or two prefix letters and six to seven digits that are also clearly printed on the not in uniform size and thickness.

• A shiny band that is a 10-millimeter gold-colored stripe with the numerical value printed in series is placed vertically across the portrait. It appears on the new version of the P100, P200, P500 and P1000 notes.

• Vignettes or the designs at the back of the note are fine, distinct and sharp in detail.

• For major bank notes, a concealed value is located at the lower left corner of the face and could be recognized when the note is held at eye level.

• There is also an optically variable ink that is located in the lower left corner of the face of the note changes in color when the bill is tilted.

The public are advised to closely scrutinize their bank notes and make it a habit to feel and look at all notes being received.

Berciles said that one has the right or obligation to withdraw doubtful counterfeit currency from circulation provided that it will be submitted for appropriate action to BSP as stated to BSP Circular 61 Series 1995.

She said that all illegal activities concerning peso currency that may include counterfeit cases may be brought to the police’s attention or to any law enforcement agency for filing of appropriate charges against the violators.

Under Article 166 of the Revised Penal Code, circulating fake money in connivance with forgers is is punishable with a penalty of reclusion temporal or 12 years and one day to 20 years of imprisonment and a fine not to exceed P10,000.

However, if it is not in connivance with forgers, circulation or use of fake money is punishable with a penalty of prison mayor or six years and one day to 12 years of imprisonment under Article 168 of the same code.

“It is good to note that the public is already literate of turning over to the police or to BSP any counterfeit cases. Those who are mostly caught are liable of possession and attempt to circulate that violate the Article 168,” Berciles said.

The central bank has been aggressive in its efforts of educating the public and increasing their awareness on how to spot fake money from genuine currency.

It also welcome invitations to conduct information drive among schools, companies and offices. This year, BSP targets to visit at least two local government units every month and organize campaigns against the circulation of fake money.

Since January 2013 alone, BSP has received five requests or 11 pieces of P100, P200, P500 and P1,000-denomination from several police stations for further examination by the Currency Analysis and Redemption Division of BSP Cash Department.

Berciles cited that the denominations of P500 and P1,000 are usually counterfeited.

It was last year that 64-year-old Richard Uy in Univelle, Barangay Kasambagan, Cebu City was arrested by the National Bureau of Investigation in Central Visayas for allegedly making fake peso and dollar bills.

In an entrapment operation, around P2 million in counterfeit P1,000 peso and US$100 bills and the P1 million worth of equipment reportedly used in his illegal activity were seized from Uy.

There were also several fake Malaysian Ringgit and Indonesian Rupiah, bogus land titles, vehicle registration and government receipts.  (FREEMAN)