The Bangko Sentral ng Pilipinas (BSP) in Iloilo urged the public to avoid mutilating coins and banknotes. According to BSP Iloilo Deputy Director Joanne Marie Castelo, violators may face fines of P20,000 or up to five years behind bars.
BSP bank officer Lowen Andrew June Ligad pointed out, the policy is outlined in Presidential Decree No. 247, signed in 1973 by then-President Ferdinand Marcos, which declared it “unlawful for any person to willfully deface, mutilate, tear, burn or destroy, in any manner whatsoever, currency notes and coins issued by the Central Bank of the Philippines.”
The deputy director added, placing markings on banknotes is also considered intentional mutilation.
Last month, as part of their latest new generation currency series, BSP introduced a new P20 coin during a press briefing at their training hall in Bacolod City. The new coin features the face of President Manuel L. Quezon, the nilad flower, and Malacañan Palace.
Meanwhile, BSP also showcased an “improved” P5 coin, which featured a nine-sided design./WDJ