BSP Advisory on Fictitious 10,000-Piso Banknote

Fake 10,000-Piso Banknote

The Bangko Sentral ng Pilipinas (BSP) advises the public that the New Generation Currency (NGC) Banknote Series currently in circulation is comprised of six (6) denominations only, as follows: 1000-, 500-, 200-, 100-, 50- and 20-Piso banknotes. The BSP has not produced and has not issued a 10,000-Piso NGC banknote.

The forgery of Philippine banknotes as well as the use or possession of forged banknotes are punishable under the law. 

We advise the public to report immediately to the nearest Police Station or National Bureau of Investigation the forgery of Philippine banknote and/or use or possession of forged banknote, for appropriate filing of criminal complaint against those persons involved. 

The BSP enjoins the cooperation of the public in preserving the integrity of Philippine currency through sharing of verified and truthful information.

The Monetary Board Raises Policy Interest Rate by 25 Basis Points

At its meeting on monetary policy today, the Monetary Board decided to raise the interest rate on the BSP’s overnight reverse repurchase (RRP) facility by 25 basis points to 3.50 percent, effective tomorrow, 21 June 2018. The interest rates on the overnight lending and deposit facilities were likewise raised accordingly. 

In deciding to raise the BSP’s policy interest rate anew, the Monetary Board noted that inflation expectations remained elevated for 2018 and that the risk of possible second-round effects from ongoing price pressures argued for follow-through monetary policy action. Although inflation expectations remain within the target range for 2019, elevated expectations for 2018 highlight the risk posed by sustained price pressures on future wage and price outcomes. Equally important, while latest baseline forecasts have shifted lower for 2018-2019, upside risks continue to dominate the inflation outlook, even as various measures of core inflation continue to rise. Moreover, the impact of international oil and commodity price movements on overall inflation is expected to be stronger given prevailing robust aggregate demand conditions.

Given these considerations, the Monetary Board believes that further policy action enables the BSP to reinforce its signal on safeguarding macroeconomic stability in an environment of rising commodity prices and ongoing normalization of monetary policy in advanced economies. The Monetary Board likewise reiterates its support for carefully coordinated efforts with other government agencies in implementing non-monetary measures to mitigate the impact of supply-side factors on inflation.

The Monetary Board also emphasized the BSP’s continued vigilance against developments, including excessive peso volatility, that could affect the outlook for inflation. The BSP is prepared to take further policy action as needed to achieve its price and financial stability objectives.