Definitions and Key Terms
- False coins: Coins that are counterfeit or not genuine legal tender.
- Making false coins: The act of manufacturing counterfeit coins.
- Importing false coins: Bringing counterfeit coins into the country.
- Uttering false coins: Circulating, passing, or using counterfeit coins.
- Connivance: Collaboration or conspiracy with counterfeiters or importers.
Penalties Based on Coin Type
For counterfeit coins made of silver, or coins of the Philippines or Central Bank of the Philippines of ten-centavo denomination or higher:
- Prision mayor imprisonment in its minimum and medium periods.
- A fine not exceeding 10,000 pesos.
For counterfeit coins comprising minor coinage of the Philippines or Central Bank below ten-centavo denomination:
- Prision correccional imprisonment in its minimum and medium periods.
- A fine not exceeding 2,000 pesos.
For counterfeit coins that are foreign currency:
- Prision correccional imprisonment in its minimum period.
- A fine not exceeding 1,000 pesos.
Legal Implications
- The law prescribes differentiated penalties according to the value and origin of the counterfeit coin.
- It emphasizes collective liability by including those acting "in connivance".
- This penal framework aims to deter the counterfeiting and circulation of false money within Philippine jurisdiction.
Effectivity
- The law takes effect immediately upon its approval on June 19, 1965.