MANILA - The Bangko Sentral ng Pilipinas on Thursday advised the public to carefully check the security features of their banknotes amid reports on social media that fake 1000-Piso bills are circulating.
"To ascertain the genuineness of the NGC banknotes, the public is advised to use the Feel-Look-Tilt method to check the security features," the BSP said.
The BSP said it is verifying reports in messaging apps and social media platforms on the existence of alleged counterfeit 1000-Piso banknotes.
"Under Republic Act No. 10951, counterfeiters of Philippine currency are subject to the penalty of imprisonment of at least 12 years and 1 day and a fine not exceeding two million pesos," the BSP said.
The BSP said that from January to June this year, 14 individuals were arrested and 9 separate criminal charges filed in connection with counterfeit money.
It said the New Generation Currency (NGC) banknotes incorporate the latest anti-counterfeiting technology and improve the visual and tactile differentiation of each denomination.
"The BSP encourages the public to immediately report any information on counterfeiting of Philippine currency to the nearest police station or law enforcement agency for appropriate action," the central bank said.
It said the public may also reach the BSP's Payments and Currency Investigation Group (PCIG) at firstname.lastname@example.org.