The Philippine National Police (PNP) on Thursday warned the general public to stay vigilant towards counterfeit payments amid their anticipated inflow in the course of the vacation season.
According to Mark Salazar’s report on “24 Oras,” the PNP suggested folks to stay cautious and be alert for pretend foreign money notes.
“Pag pumunta sa palengke, sa lapag tayo namimili, minsan may mga nagsasamantala,” PNP Chief PIO Police Colonel Redrico Maranan stated.
The Bangko Sentral ng Pilipinas (BSP), for its half, echoed the police’s warning and reiterated that the general public could verify the legitimacy of a paper invoice by means of the “feel, look, tilt” check. It additionally warned that unscrupulous people caught utilizing or possessing counterfeit money could face jail time of as much as 15 years.
Meanwhile, the central financial institution stated round 300 million new P1,000 payments are set to reach within the Philippines by 2023.
“The P1,000 [bill] is just [the] remaining order from Australia. That should be coming in by early next year. That’s another 300 million pieces. In contrast of course, if we look at total physical money circulation, that’s more than 2 trillion. That’s how much physical money there is in circulation…All denominations including coins,” BSP Governor Felipe Medalla stated.
Medalla likewise expressed hope the nation’s digital financial system will develop, with 50% of the inhabitants having financial institution accounts and 70% of monetary transactions being performed digitally.
“Economy becomes more efficient and it’s also more environmentally-friendly. Mas malaki ang savings ng merchants kasi [The merchants will have bigger savings because] remember the merchants now have to bring all that cash back to a bank. The money in recurring payments significantly reduces the merchants’ handy costs,” he added. — Sundy Locus/BM, GMA Integrated News
