BSP counters false social media posts: No P500 bill with Marcos face
MANILA, Philippines—The central bank on Tuesday (Nov. 9) said it has not issued any new banknote designs amid posts circulating on social media from a satirical news website that shows a 500-peso commemorative banknote with the image of the late dictator Ferdinand Marcos on it.
In a statement, the Bangko Sentral ng Pilipinas (BSP) warned the public that under Republic Act No. 10951, counterfeiters of Philippine currency are subject to the penalty of imprisonment of at least 12 years and 1 day and a fine not exceeding P2 million.
The regulator also warned the public against accepting fraudulent banknotes and encouraged anyone who has knowledge of such to report use of fake banknotes to the police or to the BSP’s Payments and Currency Investigation Group via its email address, [email protected].
“[We] enjoin the public to stay informed about legitimate banknotes issued by the BSP,” it said, adding that the agency regularly conducts public information campaigns to educate the public on the design, security features, and proper handling of Philippine currency as well as relevant laws, policies and programs.
