Issue of April 7, 2019
     
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Mandatory use of detectors of counterfeit money proposed
by PIO release

A proposed ordinance requiring all commercial and institutional establishments in the city to install and use counterfeit money detectors in their operations has been filed at the city council this week.

The proposal authored by Councilor Levy Lloyd Orcales stated that the measure, if approved, shall apply to all commercial and institutional establishments in the city to be used in their transactions for the immediate authentication of bank notes and for their proper turnover and disposal through the Bangko Sentral ng Pilipinas.

The City Permits and Licensing Division under the City Mayor’s Office shall be responsible in notifying all commercial and institutional establishments to use counterfeit money detectors within 60 days from the approval of the proposed ordinance.

Should the owners of commercial or institutional establishments in the city fail to comply, their application or renewal of business permits for the succeeding fiscal year will be considered pending until such time they will be able to prove that they have acquired and are already using such equipment.

The proof of acquisition of counterfeit money detectors can be accepted if owners of the establishments can present an additional receipt bearing the purchase of the equipment.

Apprehension of persons or groups as implicated by the “last touch principle” shall be pursuant with the provisions of the Revised Penal code.

The BSP, by virtue of Section 50 of Republic Act 7653 or the New Central Bank Act, is the sole government institution mandated by law to issue notes and coins for circulation in the country.

BSP Circular 61, s. 1995 also provides for the consolidated rules and regulations on currency notes and coins in the country which stipulated that the reproduction, possession of fake or counterfeit bank notes and coins are punishable by fines and imprisonment under the Revised Penal Code.


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