BSP ramps up anti-currency counterfeiting operations

MANILA, Philippines —  The Bangko Sentral ng Pilipinas (BSP) continues to ramp up its anti-currency counterfeiting operations resulting in the arrest of several individuals.

The central bank said operations have resulted in the arrest and filing of criminal cases against 67 counterfeiters and confiscated various counterfeit currencies from 2015 to 2019.

Likewise, the BSP has confiscated several equipment and paraphernalia used for counterfeiting.

For 2019 alone, a total of seven anti-currency counterfeiting operations conducted by the BSP, in cooperation with law enforcement agencies, led to the arrest of eight suspects and confiscation of counterfeit banknotes with notional value of P473,500.

The BSP said the rate of currency counterfeiting in the country declined to 11.8 parts per million (PPM) banknotes in circulation last year from 12.9 PPM in 2018.

The BSP has the sole power and authority to issue currency in the Philippines under Republic Act 7653 as amended by RA 11211, otherwise known as the New Central Bank Act.

The BSP is also vested with police authority to investigate, make arrests, and conduct searches and seizures in accordance with law for the purpose of maintaining the integrity of the Philippine currency.

The BSP is also encouraging the public to report any information on counterfeiting of Philippine currency to any law enforcement agency for appropriate action.

To ascertain the genuineness of Philippine banknotes, the BSP advised the public to carefully feel, look and tilt their banknotes to check for security features.