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Currency counterfeiting declines

currency counterfeiting declines 816x445 - Currency counterfeiting declines

CASES OF currency counterfeiting dropped in 2019, with the central bank ramping up efforts to curtail these illegal operations.

The rate of currency counterfeiting in the Philippines stood at 11 parts per million (PPM) banknotes in circulation in 2019, down compared to the 12.9 PPM seen in the previous year, the Bangko Sentral ng Pilipinas said in a statement.

The central bank said its drive against counterfeiting with the help of other law enforcement agencies has resulted in the arrest of eight suspects and the confiscations of fake bank notes with notional value of P473,500.

The BSP said it has filed criminal cases and arrested 67 counterfeiters from 2015 to 2019.

“The BSP encourages the public to report any information on counterfeiting of Philippine currency to any law enforcement agency for appropriate action,” the central bank said in a statement.

“Moreover, to ascertain the genuineness of Philippine banknotes, the BSP advises the public to carefully feel, look and tilt their banknotes to check for security features,” it added.

Under Republic Act 11211 or the New Central Bank Act, the BSP has the sole power and authority to issue banknotes in the country.

It is also vested with the police authority to investigate, arrest, and conduct searches and seizures in accordance with law to keep the integrity of the local currency.

In 2018, the BSP tapped the National Bureau of Investigation in a drive to crack down on peddlers of fake money on social media.

Its facility to print bills and mint coins is at the BSP Security Plant Complex located along East Avenue in Quezon City.

In December last year, the BSP launched the coin version of the P20 denomination for cost-efficiency. It has likewise started minting the enhanced P5 coin under the BSP’s New Generation Currency coin series in a move to prevent confusion with other coins. — LWTN

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