Bangko Sentral ng Pilipinas takes on fake news
MANILA, Philippines– The Bangko Sentral ng Pilipinas (BSP) warned purveyors of fake news, particularly those spreading fake photos of bills, that they will be investigated or arrested in accordance with law.
The BSP sought help from the National Bureau of Investigation (NBI) to run after individuals that have been spreading misinformation or photos of defaced Philippine currencies on social media for entertainment.
The recent social media posts that contain a fictitious photo of a P10,000 bill prompted the central bank to act on the matter.
The bank notes in circulation are of P1,000; P500; P200; P100; P50 and P20 denominations only.
“No other person or entity, public or private, may put into circulation notes, coins or any other object or document which, in the opinion of the Monetary Board, might circulate as currency, nor reproduce or imitate the facsimiles of Bangko Sentral notes without prior authority from the Bangko Sentral,” the central bank added.
Under the New Central Bank Act, the BSP has the sole power to issue legal tender within the Philippines.
The BSP also reminded the public that it is “vested with police authority to investigate, make arrests, and conduct searches and seizures in accordance with law, for the purpose of maintaining the integrity of the currency.”
The BSP encouraged individuals to report misinformation through its website, email email@example.com or telephone number (02) 988-4800.– Rappler.com