Wednesday, January 20, 2016

BSP reminds public on clean note policy

DAVAO CITY, January 20 (PIA) - - Official of the Bangko Sentral ng Pilipinas (BSP) urged  the public to adhere to Clean Note Policy to preserve the integrity of the Philippine currency.

Dorothy Joy Diaz of BSP Davao reiterated during the recent Biz Talk at Big 8 that crumping, writing on, defacing, tearing, and destroying in any manner Peso bill is punishable by law based on Presidential Decree 247.

According to PD 247, any person who does any of the activities, shall upon conviction be punished by a fine of not more than P20,000 and/or by imprisonment of not more than five years.

Diaz disclosed that a pending bill in the Congress strengthens the Philippine currency imposing higher sanctions to anybody who destroy and removal of security features.

She also emphasized that if the security features of the Peso bill will be removed, the money will be considered mutilated without monetary value.

The security features of the New Generation Currency banknote series include the asymmetric serial number, security fibers, security threads, optically variable device patch, optically variable ink, and see-through mark of pre-Hispanic script ‘Pilipino.’ (PIA11, Michael Uy)

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