Thursday, November 15, 2018

BSP-Legazpi urges vigilance against fake money




LEGAZPI CITY—The Banko Sentral ng Pilipinas (BSP)-Legazpi is urging the public to remain vigilant of counterfeit banknotes as it released the New Generation Currency (NGC) series coins.

“We just have to study these coins in order to get the hang of distinguishing one from another,” said Maja Gratia Malic, deputy director of BSP Currency Issue and Integrity Office.

To improve security and design, the coins have been reduced in size and weight with uniform color of silver and nickel-plating that corrodes less compared to that of the old series.

The P10 and P1 coin have ridges on the sides while the other value coins such as P5, 25 cents and 1 cent have plain sides.

In terms of banknotes, the colors and the people illustrated were retained to promote smooth transition from old to new.

Moreover, the Clean Note Policy of BSP aims to remove unfit and mutilated money from circulation. Unfit refers to those soiled, corroded, or discolored cash while mutilated includes severely disfigured, cut or shredded money.

However, mutilated banknotes can be recovered if at least 60 percent of the original surface area has been retained, and they still contain portion of any facsimile signatures, as well as the security thread remains embedded.

Cash holders must simply present their banknotes or coins to their depository banks or BSP for replacement.

Paulette Menguilla, BSP-Legazpi senior research specialist, also reminded the public through the Philippine Information Agency-5’s ‘Ugnayan sa Bicol’ radio program to use their cents instead of storing them in a jar.

She explained that cents or coins were important on the circulation of the national currency and should not be stored for a long time. (PIAV)
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