PNP warns vs. counterfeit bills

The Philippine National Police (PNP) on Thursday warned the public to remain vigilant against counterfeit bills amid their expected influx during the holiday season.

According to Mark Salazar’s report on “24 Oras,” the PNP advised people to remain careful and be alert for fake currency notes.

“Pag pumunta sa palengke, sa lapag tayo namimili, minsan may mga nagsasamantala,” PNP Chief PIO Police Colonel Redrico Maranan said.

The Bangko Sentral ng Pilipinas (BSP), for its part, echoed the police’s warning and reiterated that the public may check the legitimacy of a paper bill through the  “feel, look, tilt” test. It also warned that unscrupulous individuals caught using or possessing counterfeit cash may face jail time of up to 15 years.

Meanwhile, the central bank said around 300 million new P1,000 bills are set to arrive in the Philippines by 2023.

“The P1,000 [bill] is just [the] remaining order from Australia. That should be coming in by early next year. That's another 300 million pieces. In contrast of course, if we look at total physical money circulation, that's more than 2 trillion. That's how much physical money there is in circulation...All denominations including coins,” BSP Governor Felipe Medalla said.

Medalla likewise expressed hope the country’s digital economy will expand, with 50% of the population having bank accounts and 70% of financial transactions being conducted digitally.

“Economy becomes more efficient and it's also more environmentally-friendly. Mas malaki ang savings ng merchants kasi [The merchants will have bigger savings because] remember the merchants now have to bring all that cash back to a bank. The money in recurring payments significantly reduces the merchants' handy costs,” he added. — Sundy Locus/BM, GMA Integrated News