Public warned against fake bills

By: Vanessa Claire Lucero January 13,2016 - 12:17 AM

THE Bangko Sentral ng Pilipinas warned that counterfeit bank notes are likely to circulate during the election period.

Leonides B. Sumbi, Bangko Sentral acting director for Central Visayas, said consumers should take note of the distinguishing features of the new bank notes.

“If you just don’t rush, it is easy to spot counterfeit money, even with your eyes closed,” she said.

Sumbi said consumers can feel for the embossed prints. This is one of the security features that were carried over to the New Generation Currency (NGC) bank notes.

Other security features found in the NGC bank notes include visible and embedded security fibers, a windowed security thread, an ascending serial number, and watermarks.

Other features, such as the concealed value of the note and the see-through mark of the word “Pilipino” written in Baybayin can be seen when the notes are viewed against the light.

The 500- and 1000- peso bills also have an added feature: optically variable device or OVD. This feature is a reflective foil that shows the image of a parrot (500-peso bill), and a South Sea Pearl (1000-peso bill) that changes color when the note is rotated 90 degrees.

Sumbi said consumers should be vigilant when receiving 200-, 500-,   or 1000-peso bills as these bills are often counterfeited.

From January 4 to December 1 last year, a total of 281 pieces of suspected fake money amounting to P187,770 was turned over to BSP Cebu.

The largest was two separate cases amounting to P50,000 each, which were turned over by police officers from Minglanilla and Pardo, in March and April, respectively.

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TAGS: banko sentral ng pilipinas, BSP, fake bills

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