Specimen money circulating in C. de Oro

CAGAYAN DE ORO CITY — The Bangko Sentral ng Pilipinas (BSP) has alerted city folk on the proliferation of specimen money in P1,000 and P500 denominations now being passed as real legal tender here.

Agustin Lacbayo, officer-in-charge of BSP-Cagayan de Oro, urged the public to closely examine the P1,000 and P500 bills they have in their possession.

He said specimen money has no real value but these notes are real and were given away as institutional gifts or tokens to BSP officials and foreign bank dignitaries during special occasions.

Except for the word "specimen" printed across the face of the notes, the P1,000 and P500 bills could pass for real legal tender.

The BSP stopped giving away specimen notes in 1997. However, officials of the Security Bank reported the other day that they received specimen money from a client.

Last Monday, the city council adopted a resolution urging Congress to investigate the issuance of specimen notes by the BSP and enact a law making the distribution of specimen money economic sabotage.

Councilor Edgardo Cabanlas said the BSP should assume full responsibility for the circulation of specimen money and to pay the full value of such notes presented to them.