By: Rosalita B. Manlangit
DAET, Camarines Norte, March 20 (PIA) – Some 70 market vendors from Daet Public Market participated in the “Know Your Money” Seminar on Consumer Protection Against Common Frauds conducted by the Consumer Protection Division of the Department of Trade and Industry (DTI) here recently.
The activity was also in partnership with the Bangko Sentral ng Pilipinas (BSP) in coordination with the Bantayog ng Camarines Norte Consumedores, Inc. (BCNCI).
BSP Research Specialist Keith Hidalgo discussed their basic functions, significant updates especially on the New Generation Currency (NGC) Series as well as the importance and purpose of money through the aide of a video presentation.
Flor Joson, BSP Senior Research Specialist also shared ways on how to be familiar with the design, characteristics and distinct security features of the NGC Series of Philippine Peso Banknotes.
The banknotes, with denominations ranging from n P20, P50, P100, P200, P500 and P1,000, contain upgraded security features as well as fresh and old design elements.
She said that the public have to familiarize themselves with the design, characteristics and distinct features of the banknotes by doing the following, feel the paper, examine the watermark, inspect the security fiber, view the windowed security thread check the concealed value, check the optically variable ink, check the serial number and recognize the portrait and color.
Meanwhile there are other pertinent laws and regulations to protect and maintain the integrity of the currency based on BSP Circular 61 Series of 1995 on the consolidated rules and regulations on currency notes and coins; Article 168, Revised Penal Code or illegal possession and use of false treasure or banknotes and other instruments of credit; and Presidential Decree No. 247 that prohibits and penalized defacement, mutilation, tearing, burning and destruction of Central bank notes and coins.
The replacement and redemption of legal tender Philippine currency notes and coins considered mutilated or unfit for circulation is under Section 56 of Republic Act 7653.
DTI Consumer Protection Head Elenita B. Avila said that the seminar was able to increase the awareness of the participants about common frauds and have determined possible actions for the prevention, solution and handling of related situations. (LSM, RBM-PIA5/Camarines Norte)
- See more at: http://news.pia.gov.ph/article/view/871426829479/camarines-norte-vendors-join-know-your-money-seminar-on-consumer-protection#sthash.rn4loHzg.dpuf
DAET, Camarines Norte, March 20 (PIA) – Some 70 market vendors from Daet Public Market participated in the “Know Your Money” Seminar on Consumer Protection Against Common Frauds conducted by the Consumer Protection Division of the Department of Trade and Industry (DTI) here recently.
The activity was also in partnership with the Bangko Sentral ng Pilipinas (BSP) in coordination with the Bantayog ng Camarines Norte Consumedores, Inc. (BCNCI).
BSP Research Specialist Keith Hidalgo discussed their basic functions, significant updates especially on the New Generation Currency (NGC) Series as well as the importance and purpose of money through the aide of a video presentation.
Flor Joson, BSP Senior Research Specialist also shared ways on how to be familiar with the design, characteristics and distinct security features of the NGC Series of Philippine Peso Banknotes.
The banknotes, with denominations ranging from n P20, P50, P100, P200, P500 and P1,000, contain upgraded security features as well as fresh and old design elements.
She said that the public have to familiarize themselves with the design, characteristics and distinct features of the banknotes by doing the following, feel the paper, examine the watermark, inspect the security fiber, view the windowed security thread check the concealed value, check the optically variable ink, check the serial number and recognize the portrait and color.
Meanwhile there are other pertinent laws and regulations to protect and maintain the integrity of the currency based on BSP Circular 61 Series of 1995 on the consolidated rules and regulations on currency notes and coins; Article 168, Revised Penal Code or illegal possession and use of false treasure or banknotes and other instruments of credit; and Presidential Decree No. 247 that prohibits and penalized defacement, mutilation, tearing, burning and destruction of Central bank notes and coins.
The replacement and redemption of legal tender Philippine currency notes and coins considered mutilated or unfit for circulation is under Section 56 of Republic Act 7653.
DTI Consumer Protection Head Elenita B. Avila said that the seminar was able to increase the awareness of the participants about common frauds and have determined possible actions for the prevention, solution and handling of related situations. (LSM, RBM-PIA5/Camarines Norte)
- See more at: http://news.pia.gov.ph/article/view/871426829479/camarines-norte-vendors-join-know-your-money-seminar-on-consumer-protection#sthash.rn4loHzg.dpuf
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