BSP TO PUBLIC: BE WARY OF COUNTERFEIT MONEY THIS YULETIDE SEASON
At the height of Christmas shopping season, the Bangko Sentral ng Pilipinas urges the public to be vigilant when transacting in stores and to make sure they receive genuine bills
The Bangko Sentral ng Pilipinas (BSP) reminds the public to be wary of the proliferation of fake bills. Counterfeit money usually spreads during holidays, especially this Christmas and New Year celebrations, said BSP Cebu Director Leonides Sumbi. The bank official said that it is always a wise decision to learn the security features of banknotes to protect yourself from falling victim to counterfeiters.
As Christmas shopping season peaks, the Bangko Sentral ng Pilipinas (BSP) is warning the public to watch out for fake bills.
BSP Cebu Director Leonides Sumbi said counterfeiters usually take advantage of this busy season to circulate fake bills in the market.
Most fake bills are in the P200, P500 and P1,000 denominations.
Sumbi advised the public to be vigilant and to take the time to check the bills before they put them in their wallet.
She also told cashiers not to feel pressured to hurry up even if the lines are long and the customers are trying to rush them.
But between the two, Sumbi said it is the customer that usually falls prey to fake money.
“Don’t be in a hurry. Take time to count and check your money before leaving the store,” said Sumbi.
The BSP official said the key is to be familiar with the security features of the banknotes. She said the better the public knows these, the faster they can authenticate any bill.
“We encourage everyone to learn the security features of our banknotes so you can protect yourself from counterfeiters,” she said.
The volume of documented counterfeit banknotes in the Philippines in the first semester of 2017 remains low at 6.3 pieces per million (PPM), said the BSP in its website.
Using the benchmark of the G-20 countries to categorize a currency system as secured at 50PPM or below, the Philippine peso banknote is considered safe.
To educate the public on the security features and proper handling of Philippine currency, the BSP, with its twenty-two regional offices and branches, in close coordination with stakeholders, conducted 1,924 briefings to 174,674 participants from January to June 2017, as part of the BSP’s intensified public information campaign. /