NBI steps in to assist BSP in fight against desecration of currencies

The Bangko Sentral ng Pilipinas (BSP) said it will closely work not only with the police but the National Bureau of Investigation (NBI) to go after miscreants defacing Philippine banknotes and coins on social media.

The BSP said offenders will face the NBI who will now “search for individuals or groups that have been maliciously posting photos of defaced Philippine currencies on social media (and posts) that contain fictitious currencies.”

“The NBI has also been requested to look into the identities of those who have initiated the circulation of ‘fake news’ to deceive the public or generate entertainment from manipulated images of banknotes and coins on social media or any website on the internet,” said BSP.

The BSP is vested with police authority to investigate, make arrests, and conduct searches and seizures in

accordance with law, for the purpose of maintaining the integrity of the currency, it added. When caught, offenders will be slapped with penalties and imprisonment of a maximum five years, or pay a fine of up to 120,000 as per Presidential Decree No. 247.

The central bank reminded the public that based on Section 50 of the New Central Bank Act: “No other person or entity, public or private, may put into circulation notes, coins or any other object or document which, in the opinion of the Monetary Board, might circulate as currency, nor reproduce or imitate the facsimiles of BSP notes without prior authority from the BSP.”

“The public is encouraged to be judicious when encountering unofficial information on Philippine currencies on social media and the internet, and to contact the BSP for questions on the authenticity of Philippine banknotes and coins,” the BSP said.

Since 2017, the BSP’s fight against offenders decacing local money has been escalating following reports of

Philippine currencies being mutilated and burned on social media.

After investing about 15 billion for the acquisition of new banknotes superline printers in the last five years, the Philippines has become one of select countries that could print the entirety of its banknotes requirements.