The central bank belied social media postings that it has issued and is circulating a new 500-piso banknote which supposedly has a different design.

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In an advisory on Tuesday, Nov. 9, the Bangko Sentral ng Pilipinas (BSP) said it is informing the public that it “has not issued new banknote designs or a new design series.”

“The BSP issues this advisory in response to a 500-piso commemorative banknote first posted on a satirical news website being shared broadly on social media,” said the BSP.

It also warns the public against accepting fraudulent banknotes. “(BSP) encourages anyone in the know to report use of fake banknotes to the police or to the BSP’s Payments and Currency Investigation Group (email address: currencyinvestigation@bsp.gov.ph),” it said.

Under Republic Act No. 10951, apprehended banknotes or currency counterfeiters will be imprisoned for at least 12 years and one day, and they will pay a fine of not more than P2 million.

The BSP said it “enjoins the public to stay informed about legitimate banknotes issued by the BSP.”

Philippine currency in circulation bears the New Generation Currency (NGC) designs, first introduced in 2010.

In September 2020, the BSP strengthened the security features of the 500-piso and 1000-piso by adding a rolling bar effect on the value panels and color-shifting in the Optically Variable Ink to make the higher denominations more difficult to counterfeit. The enhanced NGC series also feature indigenous Filipino weaves on the windowed security thread of the 100-piso, 200-piso, 500-piso and 1000-piso banknotes.

Both the enhanced NGC and the earlier version are both circulated but the earlier version does not have the new security features. The BSP said previously that the two versions will co-exist until the earlier banknotes are withdrawn from circulation due to wear and tear.

In the first nine months of the year, the BSP has confiscated some P480,000 worth of counterfeit banknotes. In the last 10 years, it has seized some P7.69 million worth of fake money. Majority of counterfeiters are members of crime syndicates.


Source: Manila Bulletin (https://mb.com.ph/2021/11/09/bsp-warns-public-against-fake-p500-bills/?utm_source=rss&utm_medium=rss&utm_campaign=bsp-warns-public-against-fake-p500-bills)