By Jennifer Catan-Tilos
NEGROS ORIENTAL (PIA) — As the national and local elections draw near, Bangko Sentral ng Pilipinas (BSP) is reminding the public to handle bank notes properly.
Under Presidential Decree no. 247, the defacement, mutilation, tearing, burning or destruction of notes and coins are prohibited and violators will be penalized.
Peso bills with staple wire, sticker and writings or stamped markings will not be accepted by any banks.
Thus, any person caught violating the law face the risk of being penalized with a fine of not more than P20,000 and/or by imprisonment of not more than five years.
BSP Dumaguete Branch Deputy Director Nicasio Parco admitted that bank withdrawals has started to increase now.
Parco also reiterated to the public to be vigilant when it comes to handling and accepting money to avoid being deceived from counterfeiters.
To enable a cash handler to spot counterfeit money, one has to be familiar with the genuine banknotes of BSP.
The BSP official reminded the public to make it a habit to feel, look, and tilt all bank notes they receive so that they will be familiar with its security features.
Security features of Philippine bank notes are easily recognizable by its watermark, security fibers, security threads, iridescent band, concealed value, and optically variable ink. (rmn/jct/PIA7-Negros Oriental/This article was originally posted at PIA website on April 28, 2016)