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BSP Statement on Faceless Banknotes

12.28.2017

There have been posts on social media of isolated cases of faceless banknotes. The banknotes were said to have been withdrawn from Automated Teller Machines (ATMs) of banks.

In response, the Bangko Sentral ng Pilipinas (BSP) immediately initiated an investigation on whether these bills originated from the BSP.

Having found these to be issued by the BSP, an inquiry was made into the printing-machine error that caused it.

First, the BSP emphasizes that these incidents (while posted repeatedly on social media) actually represent isolated cases experienced by a few individuals.

Millions of banknotes are printed by the BSP on a daily basis. In the manufacturing and production process, there are cases when machine errors cause rare misprints. In this particular case, the BSP has identified the mechanical cause of the said erroneous printing. It has since been resolved.

Second, the BSP encourages the individuals affected to turn-over the misprinted notes. Those individuals may, during office hours, either at its head office in Manila or its Security Plant Complex in Quezon City visit the BSP. After verification of the bills’ authenticity, the BSP shall replace the same.
The BSP assures the public that it has, through the years, observed a procedure of Quality Assurance for the millions of banknotes it daily prints and circulates as legal tender.

 

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