It seems that cash dispensed from Automated Teller Machines (ATMs) aren’t always authentic. In fact, the Banko Sentral ng Pilipinas (BSP) has warned the public to inspect the bills every time they withdraw using ATMs.
BSP wants the public to thoroughly inspect the banknotes for authenticity through the “feel, look, tilt.” This will serve as a precautionary measure against counterfeiting.
“Should a banknote dispensed by an ATM be suspected as a counterfeit, the holder is advised to immediately report it to the bank that owns the machine,” the BSP said.
Thereafter, the corresponding bank will conduct an investigation to verify whether the bill in question was indeed dispensed by its ATM machine. If so, they will immediately replace it as mandated by BSP.
From January to September last year, BSP seized more than 500 fake banknotes with a notional value of P480,000. Its seven enforcement operations also resulted in the arrest of 16 suspects, 14 of whom were members of crime syndicates.
Counterfeiting is a crime under Republic Act 10951. Violators are subject to the penalty of at least 12 years in prison and a fine not exceeding P2 million.
Under Republic Act 10951, counterfeiters of Philippine currency are subject to the penalty of at least 12 years in prison and a fine not exceeding P2 million.
