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BSP warns public against fake money

The Bangko Sentral ng Pilipinas (BSP) bank on Thursday warned the public against fake money circulating this Christmas season.

A report on GMA News TV's News to Go quoted the central bank as saying that in every one million authentic notes in circulation, there are some 11 fake paper bills.

The BSP noted, however, that the fake money in circulation is not enough to have any significant effect on the Philippine economy.

The public is advised to check the security features of the bills such as the watermark, the serial number which must not have the same measurements, and it must contain security thread.

The BSP is now coordinating with the Philippine Congress to work on imposing heftier fines to syndicates who will be caught printing and circulating fake money. — Jon Viktor D. Cabuenas/RSJ, GMA News