Filtered By: Money
The Bangko Sentral ng Pilipinas is reminding Filipinos to be careful against fake money and "shortchanging" in foreign exchange shops, GMA News TV's Balitanghali reported on Sunday.
"Dapat laging niyong binibiliang bago kayo umalis kasi mahirap talagang i-dispute na kulang yung nakuha mong pera specially if nakalabas ka na ng money changer," said Prudence Kasala, OIC of the BSP's Financial Consumer Protection Department.
The central bank does not regulate exchange rates, it however, prohibits shortchanging.
"Yung pera nakakumpol... bibilangin, pag bilang i-aabot sa'yo, pag binulsa mo kulang 'yun dahil yung pera nag-dodoble," Association of Authorized Foreign Exchange Buyers vice president Jose Arceo said.
Filipinos should have their money exchanged at legitimate foreign exchange shops only. BSP requires shops to display the exchange rates and permits and registrations in their establishments.
Filipinos are also reminded to be wary of fake money. Real money has a signature, security thread, watermark, and vivid color.
For P500 and P1000 bills, it should have an optically variable device patch that changes color depending on the angle. — Kathryn Mae P. Tubadeza/JDS, GMA News