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BSP: Defacing Philippine banknotes a punishable offense

By: - Reporter / @FMOrellanaINQ
/ 05:09 PM February 19, 2019

MANILA, Philippines — Defacing Philippine banknotes is a punishable offense under the law, the Bangko Sentral ng Philippines (BSP) warned the public on Tuesday.

“The Bangko Sentral ng Pilipinas warns the public that the willful defacement, mutilation, tearing, burning or destruction of Philippine banknotes and coins are punishable by a fine of not more than P20,000.00 and/or imprisonment of not more than five years,” the BSP said in a statement.

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“It also states that Philippine ‘banknotes and coins are issued for circulation as a medium of exchange and to utilize them for other purposes does not speak well of the due respect and dignity befitting our currency,” it added.

Under the law, writing or putting marks on banknotes is prohibited.

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Tearing, burning or destruction of Philippine currency, including excessive folding or crumpling that may affect its visual appearance or breakage, is also not allowed.

Lastly, exposing banknotes or coins to chemicals resulting in defacement and destruction is prohibited.

The central bank also reminded the public not to staple their money as this would “compromise their structural integrity.”

The BSP then urged the public to report any information on improper handling of Philippine currency to proper authorities for appropriate action.  For assistance, call the Currency Management Sector at Tel. Nos. 988-4833 and 926-5092. /ee

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TAGS: Bangko Sentral ng Pilipinas, BSP, Philippine banknotes, Philippine news update
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