ILOILO City – The Bangko Sentral ng Pilipinas (BSP) Iloilo Branch urged the public to avoid mutilating coins and banknotes.
BSP Iloilo deputy director Joanne Marie Castelo said that those who are caught mutilating coins and banknotes may be fined P20,000 or imprisoned for not more than five years.
She said that if the public sees someone committing such act, “please tell them to stop.”
Putting markings on banknotes is also considered intentional mutilation, Castelo added.
Meanwhile, BSP bank officer Lowen Andrew June Ligad said the destruction, cutting, ripping, damaging, or, stapling of coins or banknotes are in violation of Presidential Decree (PD) No. 247.
PD 247 prohibits and penalizes defacement, mutilation, tearing, burning, or destruction of Central Bank notes and coins.
Ligad also said that one of the reasons why the material used to make coins was changed from nickel to plated steel was to make it durable.
The old designs, he said, are vulnerable to corrosion and wear and tear.
Recently, the BSP here showed the new P20 and enhanced version of the P5 New Generation Currency coins during a press conference.
The central bank decided to enhance the P5 coin’s feature following reports that many people confuse it with P10 coin.
The coins have been in gradual circulation since December 2019, but a “full blast” circulation is scheduled to take place some time this year. (with a report from PIA-6/PN)
