In a joint press conference at Camp Crame yesterday, Grace Malic, currency expert of BSP, urged the public to check their money thoroughly.
"We have to be very careful because usually during the Christmas shopping rush, we do not have much time to examine the money," she said.
The advise came days after counterfeit coins have started circulating. Malic urged people to look for the so-called "security thread" used to spot genuine bills from fakes. On the other hand, magnets may be used to spot counterfeit coins because of their steel content.
"We also would like to clarify that there are coins that could be attracted to a magnet. These are five-centavo coins and 25-centavo coins. The public should be informed that only the P5 and P10 coins are not attracted to magnets," she said.
But Malic emphasized that the circulation of fake bills and coins is not rampant as initially believed. About 1,000 pieces of counterfeit P10 coins have so far been discovered by authorities, she said.
The BSP has been working closely with the police to determine whether the fake coins are being made locally or abroad following the arrest of a Filipino-Chinese suspect and two Taiwanese nationals suspected of producing counterfeit coins.
Malic said that the BSP has started offering rewards of up to P325,000 for information that would lead to the counterfeiters and their distributors.
"The informant should issue a sworn statement so that we could go after the counterfeiters. They would then be awarded on a point system," she said.
Counterfeiting, mutilation and destruction of Philippine currency are punishable by fines and imprisonment under the Revised Penal Code.