BSP warns public vs. mutilating bills, investment scams
AN officer of the Bangko Sentral ng Pilipinas (BSP) in this city warned that persons caught mutilating or defacing Philippine peso bills by writing on them will be fined or face five-year imprisonment.
Anna Liza Catan, senior research specialist of the BSP in Dagupan City, told local newsmen Thursday during the KBP Forum here, that violators shall be meted upon conviction a fine of not more than P20,000 and/or imprisonment of not more than five years.
Presidential Decree 247, she said, states that it is unlawful for any person to willfully deface, mutilate, tear, burn or destroy in any manner whatsoever currency notes and coins issued by the BSP.
These include writing on the currency notes, willful tearing or making a hole on coins, among others, she said.
Some people have taken the habit of writing love notes or their cell phone numbers on their currency notes.
She warned that bank tellers are also liable if they write numbers on currency notes when counting the bills.
She advised persons in receipt of mutilated peso bills to deposit these or exchange them with other bills in banks and in case banks refuse these, the BSP will accommodate the exchange.
Meanwhile, BSP has begun raising higher awareness against investment scams among barangay officials as part of its continuing Financial Literacy Program.
Catan said creating higher awareness in the barangays has become imperative in view of prevalence of investment scams being introduced through text messages and internet that cause investors losing millions.
BSP already conducted half-day seminars for the barangay officials in Districts 1, 2, 3 and 4 of the province and will continue until the barangay officials in Districts 5 and 6 are covered as well.
Catan said BSP invites least two barangay officials from each barangay in the province.
“We have already shared this program with schools, employees of the city and municipal hall, public markets,” said Catan. (Tita Roces/Hilda Austria)
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