first_imgOne easy way to determine if banknotesare genuine and not altered is by checking the watermark by viewing thebanknote against the light from either side. Last month, over 50 pieces of fakeP500 bills were seized in Barangay San Isidro, Jaro, Iloilo City. The watermark in the blank spaceshould be the same image as the portrait on the banknote and denominationalvalue. Still, according to Ligad, consumersmust not be complacent because “counterfeit notes could not be totallyeradicated from circulation.” To avoid inconvenience, consumersshould plan their cash withdrawals, payments and other bank transactions,stressed Ligad. ILOILO City – Be wary of counterfeitbanknotes this holiday season. Become familiar with the various securityfeatures of the Philippine currency, according to the Bangko Sentral ngPilipinas (BSP) Iloilo branch. Carefully feel, look and tilt the banknotes tocheck the identifiable security features. This detailed illustration from the Bangko Sentral ng Pilipinas helps consumers distinguish genuine Philippine currency from well-made fake ones. The central bank calls on the public to report any information on currency counterfeiting to the nearest police station or law enforcement agency. BSP GRAPHIC He warned counterfeiters and thosecirculating them that they would be held liable for violating the Revised PenalCode. So far this month in this city andIloilo province, according to BSP-Iloilo bank officer II Lowen Andrew Ligad,there is no recorded case of fake bills yet.center_img “Those selling fruits and thoseoperating small businesses should be careful,” said Ligad. The New Generation Currency banknoteseries, currently in circulation, has the latest technology security featuresthat are easily identifiable but difficult to counterfeit. “We have ample supply of bank notes incirculation. But we encourage the public to not wait for the time they shouldrush to get their money from the bank,” he said. Meanwhile, BSP-Iloilo assured thepublic that there is enough supply of cash in this city and Iloilo province. The BSP called on the public to reportany information on currency counterfeiting to the nearest police station or lawenforcement agency, for appropriate action. The public should also withdraw cashwell-ventilated and well-lighted automated teller machines, Ligad added./PN Of particular concern to BSP-Iloiloare sectors of the economy most vulnerable to fake money – small-time traderssuch as vendors.last_img

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