Bangko Sentral warns people who deface money may face fines, jail time


Posted at Feb 19 2019 10:36 PM

Bangko Sentral warns people who deface money may face fines, jail time 1

MANILA - The Bangko Sentral ng Pilipinas (BSP) on Tuesday warned that people who deface or destroy Philippine banknotes and coins may face hefty fines and even prison sentences. 

The BSP said that under Presidential Decree No. 247, drawing on peso bills and coins, or doing acts that tear or destroy them is punishable with a fine of up P20,000 and imprisonment of up to 5 years. 

The law states that Philippine “banknotes and coins are issued for circulation as medium of exchange and to utilize them for other purposes does not speak well of the due respect and dignity befitting our currency,” the BSP said. 

"The public is also discouraged to staple banknotes and/or use adhesives to put on banknotes and coins as these will compromise their structural integrity," the central bank said. 

Among the acts considered as improper handling of Philippine banknotes and coins are: 

· writing or putting marks on banknotes; 

· willful tearing, burning, or destruction, in any manner, of Philippine currency; 

· willful and excessive folding or crumpling that results in a breakdown of the structure and limpness of the banknote; 

· willfully causing multiple random folds across the entire banknote that toughly affect its visual appearance; and, 

· willfully exposing banknotes or coins to chemicals or other materials resulting in the acceleration of the defacement, destruction, or natural wear and tear of the note or coin.