BSP warns public vs fake P500 bill with face of ex-President Marcos

ABS-CBN News

Posted at Nov 09 2021 09:23 AM | Updated as of Nov 09 2021 12:20 PM

MANILA - The Bangko Sentral ng Pilipinas on Tuesday warned the public against fraudulent or fake banknote designs after an alleged commemorative P500 bill went viral on social media. 

The advisory aims to inform the public that "it has not issued new banknote design or a new design series," the central bank said in a statement. 
 
In a separate Tweet, the BSP posted a photo of an altered P500 bearing the face of former president and dictator Ferdinand Marcos.

The BSP said the alleged P500 commemorative banknote was first posted on a satirical news website and is now "being shared broadly" in social media. 

"The BSP enjoins the public to stay informed about legitimate banknotes issued by the BSP," it said.

The public is also encouraged to report the use of fake banknotes to the police or to the BSP's Payments and Currency Investigation Group through its email address currencyinvestigation@bsp.gov.ph.

Under the Republic Act No. 10951, counterfeiters of the Philippine currency could face imprisonment of at least 12 years and 1 day as well as a fine not exceeding P2 million. 

In 2020, the central bank published an advisory on how to spot counterfeit bills using the "feel, look, and tilt" strategy.

 
RELATED VIDEO: 

Watch more on iWantTFC