BSP warns: P10,000-bill is fake

[Rooster]

https://www.rappler.com/business/205594-fake-10000-peso-bill-bangko-sentral-pilipinas

MANILA, Philippines – If you have seen on the internet image of a P10,000-bill, don’t believe it, it’s fake, the Bangko Sentral ng Pilipinas (BSP) said on Saturday, June 23.
“The Bangko Sentral ng Pilipinas (BSP) has not produced and has not issued a 10,000-Piso New Generation Currency (NGC) banknote,” the BSP said in a statement on Saturday.

While the BSP did release NGC banknotes that are already in circulation, the bank notes are of P1,000; P500; P200; P100; P50 and P20 denominations only.
Photos spread on social media of an alleged P10,000-banknote that looks and has the the same in color as the P1,000-bill.
The BSP said anyone who receives or catches the use of the fake P10,000-banknote should report it to the nearest police station or the National Bureau of Investigation “for appropriate filing of criminal complaint against those persons involved.”
“The forgery of Philippine banknotes as well as the use or possession of forged banknotes are punishable under the law,” the BSP said.
It added, “The BSP enjoins the cooperation of the public in preserving the integrity of Philippine currency through sharing of verified and truthful information.” 

[JDDavao II]

Ha! I knew it! That's why I insisted on two P5,000s! 

[Dave Hounddriver]

2 hours ago, Rooster said:

“The forgery of Philippine banknotes as well as the use or possession of forged banknotes are punishable under the law,” the BSP said.

How can the fake 10K pesos be considered forged when the BSP says they do not have such a note?  I mean that a forgery is an illegitimate copy and you cannot copy something which did not exist until you made it up.

I would say that it is an original work of art, worth whatever price the artist wants to charge for it if the market will bear it.  (Just playing devil's advocate here.)

[GeoffH]

24 minutes ago, Dave Hounddriver said:

I mean that a forgery is an illegitimate copy and you cannot copy something which did not exist until you made it up.

 

That's only one definition of the word, another definition is -:

The creation of a false written document or alteration of a genuine one, with the intent to defraud.  

NB no mention of it being a 'copy', for example Forged passports create a new false document.

[Foreigner]

I must be living in a different Philippines.  I never see anything that's larger than a 1,000 note. 

[Jollygoodfellow]

13 minutes ago, Foreigner said:

I must be living in a different Philippines.  I never see anything that's larger than a 1,000 note. 

Exactly and you dont want as there is no such thing. 

[Tukaram (Tim)]

Where would you ever get change for a bill that size?  I have been turned away from many shops because they do not have change for a 1,000. 

[Dave Hounddriver]

25 minutes ago, Tukaram (Tim) said:

Where would you ever get change for a bill that size?

7 hours ago, JDDavao said:

I insisted on two P5,000s!

I can imagine a 5,000 peso bill one day, as the peso devalues.  But the time for a 10K peso bill is a long way off.

[Gary D]

Especially ptoducted for taxi drivers who never carry enough change.

Edited June 29, 2018 by Gary D

[JJReyes]

The largest United States Dollar bill in circulation is $100.  Before the era of electronic banking, there were larger denominations used primarily by banks for exchange and for their reserve requirements. I saw at a numismatic show someone selling $10,000 notes which are still legal tender. He wanted $14,000 for it.

There is no intent by the US government to produce larger bills as a way to prevent currency smuggling. I read that $1 million in $100 bills weighs something like 26 pounds so the physical transport of currency by those involved in an illicit trade is difficult.

Euro 500 notes are in circulation, but are primarily used by the illicit trade. Occasionally, I have seem Euro 200 notes, but mostly it is Euro 100 or smaller. 

Philippines will be reluctant to circulate 5,000 and 10,000 peso notes for the same reason. Larger notes are easier to store outside of the banking system by those involved in corrupt practices.