MANILA - The Bangko Sentral ng Pilipinas on Tuesday said the public should regularly inspect banknotes to check for authenticity to protect against counterfeits.
It is advisable to use the "feel, look and tilt" approach, the BSP said in a statement.
If a banknote dispensed by an ATM is suspected to be counterfeit, consumers are advised to immediately report it to the bank that owns the machine, the central bank said.
An investigation will be conducted by the bank and if the claim is verified, "the bank should replace the banknote in questions," it added.
The BSP also assured the public that banks have deployed "adequate risk management measures" to deter counterfeiting incidents.
Aside from cameras, cash handlers and service providers are trained to detect counterfeit banknotes, the BSP.
Under BSP Circular No. 829, Series of 2014, banks are required to submit suspicious banknotes to the BSP for further examination.
The BSP earlier shared the feel, look and tilt tips to check for counterfeits:
- Security Paper
- Embossed Prints
- Tactile Marks
- Security Fiber
- Asymmetric Serial Number
- See-through Mark
- Security Thread
- Concealed Value
- Optically Variable Ink (1000-Piso and 500-Piso)
- Optical Variable Device Patch
- Enhanced Value Panel (1000-Piso and 500-Piso)