Saturday, October 21, 2017

BSP reminds public not to damage, deface money


The Bangko Sentral ng Pillipinas (BSP) reminds the public to avoid any damage on Philippine banknotes.

This after a recent video of the burning of what appears to be Philippine banknotes has come to the attention of the BSP.

Pursuant to Presidential Decree No. 247, it is unlawful to deface, mutilate, tear, burn or destroy, in any manner whatsoever, currency notes and coins issued by the BSP.

According to the BSP, any person who shall violate this Decree shall be fined in the amount of not more than P20,000 and/or be imprisoned for a period of not more than five years.

Moreover, no person or entity may put into circulation notes, coins or any other object or document, which in the opinion of the Monetary Board of the BSP might circulate as currency, as stipulated under Section 50 of the New Central Bank Act. It is also prohibited to reproduce or imitate the facsimiles of Bangko Sentral notes without prior authority from the BSP.

The BSP is authorized to investigate, make arrests, conduct searches and seizures in accordance with law, for the purpose of maintaining the integrity of the currency.

“We wish to highlight that the general public should take pride in our Philippine banknotes that honor Filipinos who played significant roles at various moments of our nation’s history as well as depict the country’s world heritage sites and iconic natural wonders. The Philippine banknotes remain a constant reminder of our ancestors’ patriotism and bravery, as well as centuries of journey for a better future for our countrymen,” the BSP states.

The Bangko Sentral enjoins the cooperation of the public in our commitment in maintaining the integrity of the Philippine currency. Any act of desecration of our Philippine currency by mutilating, defacing or burning, should be reported to the nearest police/law enforcement agencies, for appropriate action or to the Currency Issue and Integrity Office, BSP at ‎(02) 988-4833 and ‎926-5092. (BSP/RJB/JEG/PIA-NCR)

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