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Article 166. Forging treasury or bank notes or other documents payable to bearer; Importing, and uttering such false or forged notes and documents. - The forging or falsification of treasury or bank notes or certificates or other obligations and securities payable to bearer and the importation and uttering in connivance with forgers or importers of such false or forged obligations or notes, shall be punished as follows:

1. By reclusion temporal in its minimum period and a fine not to exceed Two million pesos (P2,000,000), if the document which has been falsified, counterfeited, or altered is an obligation or security of the Philippines.

The words obligation or security of the Philippines' shall mean all bonds, certificates of  indebtedness, national bank notes, coupons., Philippine notes, treasury notes, fractional notes, certificates of deposit, bills, checks, or drafts for money, drawn by or upon authorized officers of the Philippines, and other representatives of value, of whatever denomination, which have been or may be issued under any act of Congress.

2. By prision mayor in its maximum period and a fine not to exceed One million pesos (P1,000,000), if the falsified or altered document is a circulating note issued by any banking association duly authorized by law to issue the same.

3. By prision mayor in its medium period and a fine not to exceed One million pesos (P1,000,000),if the falsified or counterfeited document was issued by a foreign government.

4. By prision mayor in its minimum period and a fine not to exceed Four hundred thousand pesos (P400,000), when the forged or altered document is a circulating note or bill issued by a foreign bank duly authorized therefor.

ACTS PUNISHABLE:
1. Forging or falsification of treasury or bank notes or documents payable to bearer;
2. Importing of such notes; or
3. Uttering of such false or forged obligations and notes in connivance with forgers and importers.

NOTES:

Forging is committed by giving a treasury or bank note or document payable to bearer or order an appearance of a true and genuine document.

Falsification is committed by erasing, substituting, counterfeiting, or altering by any means the figures and letters, words, or signs contained therein. Example: falsifying lotto or sweepstakes ticket constitutes the complex crime of attempted estafa through falsification of a government security.

Forging PNB checks is not included under this article. That is falsification of a commercial document under Article 172.

Obligation or security includes bonds, certificates of indebtedness, bills, national bank notes, coupons, treasury notes, certificates of deposit, checks, drafts for money, and sweepstakes money.