2017-10-09 Mon

The Bangko Sentral ng Pilipinas (BSP) recently announced that heavy penalties and imprisonment of a maximum five years would be imposed on those who deliberately deface, mutilate, tear, burn or destroy currency notes and coins issued by the BSP. The decision was taken when a video showing burning of Philippine banknotes was out. Investigation of this video is still going on.

Similarly, strict punishments would be given to those who reproduce or imitate national currency. The public are being asked to report any “act of desecration” of Philippine banknotes to the concerned authorities.

Officials stated that Philippine banknotes honour Filipinos who played a vital part in building the nation’s history apart from depicting the country’s world heritage sites and iconic natural wonders. Designs on Philippine banknotes portray patriotism and bravery in a beautiful manner.

“Piso” or “New Generation Currency” are printed in BSP’s Security Plant Complex (SPC) in Quezon City. R5 billion were been invested for acquiring new banknotes Superline printers in the last five years. The Philippines is one of the few nations which caters to the national requirement of banknotes, completely on its own!