Bangko Sentral ng Pilipinas campaigns for fraud bank transactions

Bangko Sentral ng Pilipinas (BSP) through their representatives, Alberto Empleo, DMA, and Ramonnetto Gerosco, RS conducted a briefing on Counterfeit Detection and Information Dissemination on the New Generation Currency (NGC) banknotes at the Ground Floor of the Municipal Government Building on March 16, 2018 attended by at least 50 participants from the business sector, professionals and LGU employees.

The facilitators introduced the New Generation Currency (NGC) Banknotes of BSP the P20, P50, P100, P500 & P1,000 and NGC Coin Series: P10, P5, P1, P0.25, P0.05, P0.01 likewise briefs the participants on how to detect the real banknotes, what to do in case you receive fake money, legal tender limit and some other important matters regarding banknotes.

How to detect real banknotes? Feel, Look, Tilt: Feel the paper and embossed prints; View closely the portrait, the watermark, security fibers; see thru-mark and security thread; also for the concealed value, windowed security thread, optically variable ink (OVI) and optically variable device; and Check the microprint and fluorescent features.

What to do if you have received fake money: Do not return to the owner/depositor; Give/Issue temporary receipts to the owner/depositor; Let him sign; if not, give the reason; After five (5) days, send the money to the Central Bank through the nearest bank in your place; and Refrain from writing the word “FAKE” in the banknote.

Legal Tender Limit: No limit to legal tender power bills; Pursuant to BSP Circular No. 537 s. 2006 coins in denomination of: P1 - P5 shall be legal tender in amount not exceeding P1,000.00; and P0.01 -.05, 0.10-.0.25 and 0.25 centavo shall be legal tender in the amount not exceeding P100.00.

Classifications of Notes: FIT Note - can be accepted as payments and used as change; UNFIT Note - can be accepted as payment and used as change; MUTILATED Note - can not be accepted as payment, refer to bank or BSP for possible redemption.

Requirements for redemption of mutilated notes: Surface Area of 60%; Signatures; and Security Thread.

For more information, please contact BSP Ozamis Branch through Tel No. 088 521 4603 or 0917 7037 604 Chacha Embrado; BSP Corporate Affairs Office Tel Nos. 708 7034, 707 7140; FAX No. 708 7138 or email them at bspmail@bsp.gov.ph or corao@bsp.gov.ph; Currency Analysis and Communication Division through 988 4834 / 352 1485.- Bernadine A. Gabawan, Municipal Information Officer