BSP seeks NBI help over defaced currencies

The seven-man Monetary Board of the Bangko Sentral ng Pilipinas marked its 25th founding anniversary on 3 July 2018 under a more challenging economic landscape best shown by rising inflation. It also sought the help of the National Bureau of Investigation (NBI) to track down those who defaced peso paper bills and posted them on social media.      CONTRIBUTED PHOTO

“No other person or entity, public or private, may put into circulation notes, coins or any other object or document.

The Bangko Sentral ng Pilipinas (BSP) has enlisted the support of the National Bureau of Investigation (NBI) to search for individuals or groups that maliciously posted photos of defaced Philippine currencies on social media. This was in connection with recent online and social media posts that contained fictitious Philippine currencies.

The NBI was also requested to look into the identities of those who initiated the circulation of “fake news” to deceive the public or generate entertainment from manipulated images of Philippine banknotes and coins on social media or any website on the internet.

The BSP, under the New Central Bank Act, has the sole power to issue currency within the Philippines. Section 50 of the law states that: “No other person or entity, public or private, may put into circulation notes, coins or any other object or document which, in the opinion of the Monetary Board, might circulate as currency, nor reproduce or imitate the facsimiles of Bangko Sentral notes without prior authority from the Bangko Sentral.” The BSP is likewise vested with police authority to investigate, make arrests, and conduct searches and seizures in accordance with law, for the purpose of maintaining the integrity of the currency.

Information on Philippine banknotes and coins including official press releases and advisories may be accessed through the BSP website or through the BSP’s official social media accounts on Facebook BangkoSentralngPilipinas, Instagram BangkoSentral, Twitter @BangkoSentral or YouTube Bangko Sentral.

The public is likewise encouraged to be judicious when encountering unofficial information on Philippine currencies on social media and the internet and to contact the BSP for questions on the authenticity of Philippine banknotes and coins. The BSP may be reached through its website, email [email protected] or telephone number (02) 988-4800.

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