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MANILA, Philippines— The Bangko Sentral ng Pilipinas (BSP) warned the public against mutilating or defacing Philippine peso bills and coins after a video showing the burning of these bank notes surfaced.
In a statement on Friday, October 6, the BSP reminded the public that “it was unlawful to willfully deface, mutilate, tear, burn or destroy, in any manner whatsoever, currency notes and coins issued by the BSP, pursuant to Presidential Decree No. 247.”
“Any person who shall violate this Decree shall be fined in the amount of not more than P20,000 and/or imprisoned for a period of not more than 5 years. Moreover, no person or entity, may put into circulation notes, coins or any other object or document, which in the opinion of the Monetary Board of the BSP might circulate as currency, as stipulated under Section 50 of the New Central Bank Act,” it added.
Also, it is prohibited to reproduce or imitate the facsimiles of Bangko Sentral notes without prior authority from the BSP.
The central bank said that it was investigating the video incident before taking “for appropriate action.”
The BSP is authorized to investigate, arrest, search and seize in accordance with law, for the purpose of maintaining the integrity of the currency.
The central bank also asked for the cooperation in the public in order to prevent similar incidents from happening again, noting that any act of desecration of Philippine currency should be reported to the nearest police station.
The public can also report incidents directly to the BSP Currency Issue and Integrity Office at 988-4833 and 926-5092
“We wish to highlight that the general public should take pride in our Philippine banknotes that honor Filipinos who played significant roles at various moments of our nation’s history as well as depict the country’s world heritage sites and iconic natural wonders,” the central bank statement read.
“The Philippine banknotes remain a constant reminder of our ancestors’ patriotism and bravery, as well as centuries of journey for a better future for our countrymen,” it added.—Rappler.com
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