IN response to a supposed social media post that displayed a commemorative banknote, the Bangko Sentral ng Pilipinas (BSP) denies issuing any new banknote designs or a new design series.
The central bank, in an advisory, issued the response after the 500-peso banknote was first posted on a satirical news website that then went viral on social media.
The public was warned not to accept fraudulent banknotes and “encourages anyone in the know to report use of fake banknotes to the police or to the BSP’s Payments and Currency Investigation Group” via email through [email protected].
The BSP likewise encourages the public to remain informed about legitimate banknotes issued by the central bank.
Counterfeiters of Philippine currency are subject to the penalty of imprisonment of at least 12 years and 1 day and a fine not exceeding two million pesos under Republic Act No. 10951.