BSP warns against fake bills in Cebu

“Look closer, feel and tilt” the peso bills you receive to check if these are genuine.

The Bangko Sentral ng Pilipinas (BSP) gave these tips as they warned against the proliferation of counterfeit bills in the market during the holidays.

“We urge everyone to be extra careful because we will not replace the fake bills,” said BSP research analyst Hazel Ramirez, adding that they have been getting reports of fake bills circulating in Cebu.

“We have been doing some awareness activities to intensify our campaign against counterfeit bills,” she said. Ramirez said they always share the “look-feel-and tilt” method as the simplest way to know if your bill is counterfeit.

“For the look, it is simply checking out the security features of the notes,” she said.

Check out the security thread if it’s present, and the embossed print on the note which has a rough texture, Ramirez said.

“The notes  have  watermark or what people call the anino in the left or right corner,” she said.

The P500 and P1,000 bill have the “optically variable device” ink or OVD which changes from red to green when tilted.  The notes are made of 80 percent cotton and 20 percent abaca, so the paper feels soft but firm.

When tilted by 45 to 90 degrees, one can see the concealed value at the upper left corner of the note.”

Ramirez said anyone who gets a “doubtful” bill should surrender it to any bank.

“Surrender the bill to any bank and ask for a receipt for exchange which is what you will use to keep track of the bill.”

Ramirez said the bill will then be sent to the only BSP laboratory in Manila where testing will take two to three months.

The Carbon Police Station National Crime Recording Statistician (NCRS) recorded seven reports of counterfeit bills between February to October, victimizing mostly fish or vegetable vendors.