ILOILO City – With the increased circulation of cash during the holiday months, counterfeit money may also proliferate as fraudsters take advantage of the busy shopping season for Christmas and New Year.
To avoid falling victim to counterfeit money, the public must familiarize themselves with the security features of authentic banknotes, according to the Bangko Sentral ng Pilipinas (BSP) Iloilo Branch.
BSP Iloilo has intensified its financial literacy initiatives, focusing on educating the public about banknote security features to help them identify genuine currency.
“We are conducting financial literacy efforts specifically about the security features of our currency. Our focus is on understanding these features, not on the counterfeit bills themselves,” said Doreen Santerva, acting area director of BSP Iloilo.
BSP Iloilo is open to requests from offices or agencies interested in holding sessions on banknote literacy.
Santerva explained the “Feel-Look-Tilt” method BSP promotes to identify genuine banknotes:
* Feel – Genuine banknotes have a distinctive texture with embossed prints and tactile marks, which are rough to the touch and not glossy.
* Look – Check for the watermark, security fibers, asymmetric serial numbers, and see-through marks that authenticate the bill.
* Tilt – By tilting the note, the security thread, concealed value, optically variable ink (for P1,000 and P500 notes), optically variable device patch (P1,000 note), and enhanced value panel (P1,000 and P500 notes) should be visible.
Santerva said anyone who encounters suspected counterfeit bills should visit the BSP Iloilo Branch on Solis Street, City Proper here, or any local bank for verification.
If a note is confirmed counterfeit, BSP collects the bill from the holder to prevent it from recirculating.
However, Santerva clarified that the BSP does not replace or exchange confiscated counterfeit currency.
While counterfeit bills continue to appear sporadically, the volume remains low and is not currently considered alarming, Santerva noted.
“Counterfeits are always around, but so far, reports are isolated and not in bulk, so it’s not alarming for now. We are simply urging the public to stay aware and cautious,” she said./PN
