1111 PHILIPPINE AND FOREIGN CURRENCY NOTES AND COINS
a. Legal Tender Philippine currency – Notes and coins issued and circulating in accordance with R.A. No. 7653, which when offered for the payment of public or private debt must be accepted.
b. Counterfeit Note – An imitation of a legal and genuine note intended to deceive or to be taken for that which is original, legal and genuine.
c. Counterfeit Coin – An imitation or forged design of a genuine and legal coin regardless of its intrinsic value or metallic composition, intended to deceive or pass for the genuine coin.
d. Unauthorized reproduction of legal tender Philippine note – A reproduction of a facsimile or any illustration or object bearing the likeness or similitude of legal tender Philippine currency note or any part thereof, without prior authority from the Governor of Bangko Sentral or his duly authorized representative.
e. Unauthorized reproduction of legal tender Philippine coin – A reproduction of a facsimile or any object in metal form bearing the likeness or similitude of legal tender Philippine currency coin or any part thereof, without prior authority from the Governor of Bangko Sentral or his duly authorized representative.
THE CURRENCY ISSUE AND INTEGRITY OFFICE
Security Plant Complex Bangko Sentral ng Pilipinas East Avenue,
Diliman 1101 Quezon City
(1) The Bangko Sentral Regional
(2) Any banking institution under the supervision of the Bangko Sentral.
(a) Issue a corresponding certification for the currency examined, if needed;
(b) Stamp the word “COUNTERFEIT” on both the front and the back of each note found to be counterfeit; and
(c) Return to the owner/holder, and/or sender the Philippine or foreign currency notes or coins found to be genuine in accordance with existing accounting and auditing regulations.
a. Coins shall be free from adhesive tapes;
b. Coins shall be sorted into fit, unfit or mutilated, per denomination and per series;
c. Each bag of coins shall contain the following standard number of pieces and amount per denomination:
|Denomination||Pieces Per Bag||Amount Per Bag|
a. Unfit currency note. A currency note shall be considered unfit for circulation when:
(1) It contains heavy creases which break the fiber of the paper and indicate that disintegration has begun; or
(2) It is badly soiled/contaminated and/ or with writings even if it has proper life or sizing; or
(3) It presents a limp or rag like appearance and/or it cannot sustain its upright position when held at the mid portion of one of the shorter borders.
b. Mutilated currency note. A currency note shall be considered mutilated when:
(1) Torn parts of banknote are joined together with adhesive tape aimed at preserving as nearly as possible the original design and size of the note; or
(2) The original size of the note has been reduced/lost through wear and tear or has been otherwise torn, damaged, defaced or perforated through action of insects, chemicals or other causes; or
(3) It is scorched or burned to such an extent that although recognizable as such, it has become frail and brittle as to render further handling thereof impossible without disintegration or breaking; or
(4) It is split edgewise; or
(5) It has lost all the signatures inscribed thereon; or
(6) The Embedded Security Thread or Windowed Security Thread placed on the banknote is lost.
c. Unfit currency coin. A currency coin shall be considered unfit for circulation when:
(1) It is bent or twisted out of shape or defaced, but its genuineness and/or denomination can still be readily and clearly determined/identified; or
(2) It has been considerably reduced in weight by natural abrasion/wear and tear.
d. Mutilated currency coin. A currency coin shall be considered mutilated when:
(1) It shows signs of filing, clipping or perforation; or
(2) It shows signs of having been burned or has been so defaced, that its genuineness and/or denomination cannot be readily and clearly identified.
e. Currency notes and coins considered unfit for circulation shall not be re-circulated, but may be presented for exchange to or deposited with any bank.
f. Banks shall accept from the public mutilated notes and coins for referral/transmittal to CIIO, Bangko Sentral – Quezon City or any of the Bangko Sentral Regional Offices/Branches for determination of redemption value. Banks may charge reasonable handling fees from clients and/ or the general public relative to the handling/ transporting to Bangko Sentral of mutilated notes and coins.
g. The Bangko Sentral shall replace or redeem notes and coins considered unfit for circulation or mutilated except under the following conditions:
(1) Identification of notes and coins is impossible; or
(2) Coins that show signs of filing, clipping or perforations; or
(3) Notes which have lost more than two-fifths (2/5) of their surface or all of the signatures inscribed thereon; or
(4) Notes which are split edgewise resulting in the loss of the whole of or part of, either the face or back portion of the banknote paper; or
(5) Notes where the Embedded Security Thread or Windowed Security Thread placed thereon is completely lost except when the damage appears to be caused by wear and tear, accidental burning, action of water or chemical or bites of rodents/insects and the likes.
a. Any authorized agent banks of the Bangko Sentral when the notes are still considered legal tender, within one (1) year from the date of call; or
b. The CD or Regional Offices/Branches of the Bangko Sentral, within the redemption period as may be determined by the Monetary Board.