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BSP Conducts Successful Anti-Counterfeiting Operations

The operatives of the Currency Issue and Integrity Office (CIIO) of the Bangko Sentral ng Pilipinas conducted two (2) successful anti-counterfeiting operations during the first semester of 2017 that led to the arrest of four (4) suspects involved in counterfeiting activities.

Under Section 50 of Republic Act No. 7653, otherwise known as The New Central Bank Act, the BSP is 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 currency.

In coordination with other law enforcement agencies (OLEA), the BSP has conducted a total of 117 successful anti-counterfeiting operations since 2005 until the first semester of this year. These operations led to the arrest of and filing of legal cases against 199 suspects involved in counterfeiting activities as well as confiscation of various counterfeit currencies i.e., Iraqi dinar, Japanese Yen, Malaysian Ringgit, Philippine Peso and US Dollar. Various equipment and paraphernalia used for counterfeiting such as desktop computers, printers, scanners, press machine, ammunitions and motorcycle vehicles were also seized/confiscated. Other pieces of evidence such as ammunitions and motorcycle vehicles used in illegal activities were likewise seized/confiscated.

In accordance with the BSP Revised Reward System, 81 individuals have received monetary reward for giving information on counterfeiting activities of unscrupulous individuals resulting in their arrest, seizure/confiscation of counterfeit currencies and counterfeiting paraphernalia and the filing of appropriate charges in court. On 12 February 2009, the coverage of the BSP Revised Reward System was expanded to include information involving the hoarding and mutilation/destruction of Philippine currency coins.

The volume of documented counterfeit banknotes in the Philippines in the first semester of 2017 remains low at 6.3 pieces per million (PPM). Using the benchmark of the G-20 countries to categorize a currency system as secured at 50-PPM or below, the Philippine Peso banknote is considered safe. To educate the public on the security features and proper handling of Philippine currency, the BSP, with its twenty-two (22) Regional Offices and Branches in close coordination with stakeholders, conducted 1,924 briefings to 174,674 participants from January to June 2017 as part of the BSP's intensified public information campaign.

The BSP encourages the public to report any information on currency counterfeiting to the nearest police agency/law enforcer, for appropriate action, or contact the CIIO-BSP for assistance at Tel. Nos. 988-4833 and 926-5092.

Source: Bangko Sentral ng Pilipinas (BSP)

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