LAOAG CITY — Photos of Philippine peso bills and other foreign currencies knotted around a balete tree in Davila village, Pasuquin, Ilocos Norte came to the attention of the Bangko Sentral ng Pilipinas (BSP), prompting it to take action.
Senior research specialist of BSP-Batac Branch, Evelyn Tanagon, said Friday the act is unlawful and is punishable by law.
Tanagon explained that under Presidential Decree No. 247, it is unlawful to deface, mutilate, tear, burn or destroy in any manner the currency notes and coins issued by the BSP.
“We wish to highlight that the general public should take pride in our Philippine banknotes that honor Filipinos who played significant roles at various moments of our nation’s history, as well as depict the country’s world heritage sites and iconic natural wonders. The Philippine banknotes remain a constant reminder of our ancestors’ patriotism and bravery, as well as centuries of journey for a better future for our countrymen,” the BSP stated.
Tanagon said violators can be charged and penalized with a fine of not more than PHP20,000 and five years imprisonment.
The BSP is authorized to investigate, make arrests, conduct searches, and seizures in accordance with the law for the purpose of maintaining the integrity of the currency.
For almost a year now, the century-old balete tree continues to attract local and foreign visitors, as they put money on its trunk and branches believing this will bring good luck.
Day and night, hundreds of curious tourists drop by and have their photos taken with the so-called “wishing tree” that has gone viral in social networking sites.
The tree is located along the national highway in Pasuquin town.
As of this posting, the BSP plans to coordinate with Pasuquin’s local government to resolve the issue. (Leilanie Adriano/PNA)
