BAP supports infodrive against counterfeit bills

CEBU, Philippines —  The Bankers Association of the Philippines (BAP) joins the Bangko Sentral Ng Pilipinas (BSP) in drumming up awareness against the alleged circulation of counterfeit banknotes or bills.

“The Bankers Association of the Philippines assures the Filipino public that the banking industry is a proactive partner in eradicating the circulation of counterfeit banknotes,” the BAP statement said.

According to the bankers group, banks implement strict cash management services protocols and meticulous security procedures to follow BSP guidelines for the transit and loading of fit banknotes in ATMs. Peso banknotes from the BSP Cash Management Department are timely, safely, and securely transported for loading to ATMs.

 According to BAP, while bills in ATMs do not come directly from a bank’s transactions of the day, banks have always maintained qualified personnel trained and equipped to identify counterfeit banknotes to prevent these fake banknotes from entering the banking system.

In the event, however, that the public suspects they are holding a counterfeit banknote, BAP encouraged everyone to immediately report to the authorities for the immediate resolution of this issue. 

The making and importing of counterfeit money is a criminal act, and we join the BSP’s call for vigilance in identifying counterfeit money.

The partnership between the BSP and BAP, together with a vigilant public, will pave the way for ensuring that counterfeit money and their sources are fully eradicated.