BSP steps up campaign vs counterfeiting

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) continues to step up its anti-counterfeiting operations resulting in the arrest of nine suspects involved in the illicit activities in the first quarter.

Operatives of the central bank’s Currency Issue and Integrity Office arrested the nine suspects in four separate anti-counterfeiting operations from January to March this year.

This brings the number of arrested suspects to 102 and the number of successful operations undertaken with other law enforcement agencies to 61 since 2010.

The operations have led to the confiscation of fake Iraqi dinar, Japanese yen, Malaysian ringgit, peso, and dollar.

Aside from various counterfeit currencies, operatives also seized various equipment and counterfeiting paraphernalia such as desktop computers, printers, scanners, ammunitions, motorcycles, and press machines.

The central bank added the anti-counterfeiting operations have also resulted to the conviction of 28 individuals who were sentenced to imprisonment and the payment of fine.

The BSP pointed out 42 cases are still pending before various courts nationwide.

RA 7653 or “The New Central Bank Act” empowers the BSP to investigate, make arrests, and conduct searches and seizures in accordance with the law for the purpose of maintaining the integrity of the currency.

In accordance with the BSP Revised Reward System, a total of 55 individuals have received monetary award since 2010 for giving information on counterfeiting activities of unscrupulous individuals resulting in their arrest, seizure or confiscation of counterfeit currencies and counterfeiting paraphernalia and the filing of appropriate charges in court.

The highest reward paid was P201,000.

The coverage of the BSP Revised Reward System was expanded in 2009 to include information involving the hoarding and mutilation or destruction of Philippine currency coins.