BSP reminds public anew: Beware of counterfeit bills

CEBU, Philippines — The Bangko Sentral Ng Pilipinas (BSP) has reminded the public anew to regularly inspect banknotes to avoid overlooking counterfeit notes.

In a statement released Tuesday, January 25, 2022, the country’s central bank urged the public to check the authenticity of banknotes through the “feel, look, tilt” approach to protect oneself against counterfeiting.

“Should a banknote dispensed by an ATM be suspected as a counterfeit, the holder is advised to immediately report it to the bank that owns the machine” it said.

The bank will then conduct a thorough investigation to verify whether the banknote was indeed dispensed by the bank’s ATM. If the holder’s claim is verified, the bank should replace the banknote in question.

The BSP likewise assures the public that banks employ adequate risk management measures to deter such incidents.

Aside from the installation of cameras at ATM areas, cash handlers and service providers tasked to refill ATMs are trained to detect counterfeit banknotes or verify their genuineness before placing them in ATMs.

Under BSP Circular No. 829, Series of 2014, banks are required to submit suspicious banknotes to the BSP for further examination.