The Bangko Sentral ng Pilipinas on Thursday urged the public to inspect their banknotes to ensure they're legal tender after reports of counterfeit P1,000 banknotes swirled on social media.
To ascertain the authenticity of the bank note, the BSP advised Filipinos to use the Feel-Look-Tilt method to check for security features.
Here's how to tell if your money is legit:
All Philippine bills are printed on security paper and special embossed prints. Money should not feel completely flat and is different from even the highest quality office printing paper.
For the Enhanced New Generation Currency, look for tactile marks at the opposite sides of the bill.
Paper currencies will have a watermark. Security fibers of different colors will be peppered across the bill. The serial number should be assymetric, ascending in font size from left to right on the upper right hand corner of the bill.
Hold the bill up against the light to look for the see-through mark.
Tilting the bill sideways will expose how the ink used on money will reflect under different lighting conditions. The security thread, concealed value and optically variable ink should display a movement in design and change in color when viewed from different angles.
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 fines not exceeding P2 million.
If you got your hands on a fake banknote, report any information on counterfeiting of Philippine currency to the nearest police station or law enforcement agency for appropriate action.
You can also reach out to the Payments and Currency Investigation Group via firstname.lastname@example.org