Tuesday 23 October
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Oct 6, 2017 @ 12:29

BSP says burning, tearing money illegal


There’s a huge cost that comes with ruining those bucks.

The Bangko Sentral ng Pilipinas (BSP) quickly doused the uproar that came as videos of some teenagers burning Philippine money surfaced online.

In a statement, the central bank said defacing, tearing, burning, or destroying Philippine notes and coins are never cool. In fact, such act is punishable by law.

Under Presidential Decree 247, any person caught mutilating Philippine money will be fined at least P20,000 and may even be jailed by as much as five years. The same rules apply for anyone circulating fake money.

The BSP added that it is investigating the origins of the viral video, and will take “appropriate action” once the individuals are identified. Instead, the central bank — which prints money at its security plant in Quezon City — said local bills should be a source of pride.

“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 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,” the BSP said.

Any cases of mutilating the bills and coins may be reported to local police and the BSP’s Currency Issue and Integrity Office through 988-4833 and 926-5092.

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