BSP intensifies anti-counterfeiting operation

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) is further intensifying its anti-counterfeiting operations as it continues to push tougher laws against counterfeiters and coin hoarders in the country.

The regulator said its latest enforcement operations, together with the National Bureau of Investigation (NBI), led to the arrest of four suspects in Pampanga and Tarlac.

The suspects were charged with violating Article 168 in relation to Article 166 of the Revised Penal Code, as amended. They are now facing imprisonment of up to 20 years and a fine not exceeding P2 million under Republic Act 10951.

The BSP reported that a total of 161 counterfeit Philippine currency banknotes and 78 fake foreign banknotes were confiscated during the operations.

The central bank and law enforcement agencies, such as the NBI, are actively conducting joint anti-counterfeiting operations.

BSP Governor Benjamin Diokno earlier said the BSP has carried out 110 law enforcement operations that resulted in the arrest of 179 suspects between 2010 and 2021.

The activities also led to the seizure of more than 12,400 pieces of counterfeit Philippine banknotes with a notional value of more than P7.8 million and more than 14,300 pieces of counterfeit US dollar banknotes with a notional value exceeding $92.5 million.

The BSP also confiscated Philippine peso coins with an estimated value of P50 million during the period.

The regulator, in collaboration with the NBI and the Bureau of Customs, seized the coins due to unexplained accumulation, and possible connection with illegal activities.

The BSP’s enforcement operations also led to the filing of 164 criminal cases in court, with 65 already concluded. From those concluded, 64 resulted in the conviction of the accused as charged for a conviction rate of 98.46 percent.

The regulator is preparing legislative proposals that aim to raise the penalty of imprisonment for crimes involving currency counterfeiting and to criminalize the unnecessary accumulation or hoarding of coins.

“These proposed measures are expected to further strengthen the BSP’s currency operations covering production, distribution, deposit-taking from banks, authenticity verification, anti-counterfeiting operations, and retirement,” Diokno said earlier.

According to the BSP chief, the central bank is proposing stiffer penalties for currency counterfeiting by increasing the length of imprisonment to deter the commission of this crime.

Diokno said the proposal entails amendments to existing laws and would take into consideration the current economic landscape, as well as advancements in printing technologies.

To complement this, the BSP is also pushing for the enactment of a law that will define the crime of hoarding of coins and provide penalties for the commission of said offense.

This involves the revival of earlier legislative initiatives on coin hoarding at the Senate and House of Representatives.