BSP: Fake bills up in 2024

MANILA, Philippines — The number of counterfeit Philippine banknotes surged by nearly a fifth in 2024, even as fake coins declined sharply due to better security features, according to the Bangko Sentral ng Pilipinas.

In its 2024 annual report, the BSP logged a total of 69,922 counterfeit paper banknotes in 2024, 18.4 percent higher than the 59,074 fake bills in 2023.

This is equivalent to 13.2 fake bills per one million genuine pieces in circulation, higher than the 12.2 fake notes per million pieces a year prior.

Inkjet printing remained the preferred method of forgery, involved in 79.7 percent of cases, followed by laser printing and altered security threads.

“Banks’ cash handlers are increasingly becoming adept in counterfeit detection, with a sustained increase in correctly classified submissions to the BSP and a decline in misclassified counterfeits,” the BSP said.

The 1000-piso paper banknote remained the top target for counterfeiters, accounting for 59.9 percent of the total fakes, followed by the 500-piso note at 19.3 percent.

However, its polymer counterpart proved more resilient, with only three counterfeit pieces detected in 2024. These were all low-quality fakes printed on paper and easily detectable due to poor substitution of transparent areas.

In contrast, counterfeit coins plummeted by 87.8 percent to just 891 pieces, mostly remnants of past counterfeit attempts involving old five-piso coins. The BSP attributed this sharp drop to the advanced security elements of the new generation currency (NGC) coin series, such as micro-printed details and laser-engraved designs.

Geographically, most counterfeit cases were reported in Metro Manila (52.2 percent), followed by Region IV-A Calabarzon (12.2 percent).

High foot traffic areas such as malls (27.2 percent), supermarkets (25.9 percent) and wet markets (20.9 percent) were the most common recovery sites.

Currency-related complaints also spiked to 103 incidents, including suspected counterfeiting, illegal use of the Philippine peso’s design and refusals by businesses to accept cash.

The BSP processed 44 clearance requests to reproduce legal tender facsimiles, with approvals issued within three days.

BSP law enforcement operations in 2024 led to the arrest of six suspects and 11 criminal charges. The operations yielded over 1,500 fake bills, including counterfeit 1000- and 500-piso eNGC banknotes and 220 pieces of fake $100 bills.

Three criminal cases ended in full convictions, while 16 additional cases were referred by other law enforcement agencies for technical evaluation and legal support.