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Beware of Fraudulent Commercial Documents

08.28.2009

The Bangko Sentral ng Pilipinas (BSP) again warns the public against fraudulent commercial documents being sold or traded by individuals or companies and are allegedly issued, secured or guaranteed by the BSP or the then Central Bank of the Philippines.

These spurious documents include Safekeeping Receipts, Certificate of Gold Bullion Depository Stocks, Trust Account Deposits  and Land Bank Capital Bonds with Interim Certificates covering substantial amounts of money.

The BSP does not issue, secure, or guarantee such types of documents. The BSP has consistently advised the public that the original of the alleged documents, if existing, have not been issued by the BSP or the then Central Bank of the Philippines to any person, corporation, or entity for value, as to form a basis of a valid claim against the Government of the Republic of the Philippines or its fiscal agents.

Similarly, the BSP, as the central monetary authority of the Philippines transacts only with financial institutions under its supervision and does not accept personal securities and physical stock deposits for/from private individuals. As such, no safekeeping receipts, certificates of gold bullion, Land Bank capital bonds with interim certificates and other documents of similar nature has been or will ever be issued, secured and guaranteed by the BSP, or established in the name of a private individual or group with the BSP.

The public is likewise reminded of related previous BSP public advisories and  warnings issued on 23 October 2006 and 01 October 2001 and Circular Letters  dated 01 February 2005 and 11 April 2003 which may be accessed in the BSP website through the following links:

http://www.bsp.gov.ph/publications/media.asp?id=1360,
http://www.bsp.gov.ph/publications/media_archives.asp?id=1206&yr=1999,
http://www.bsp.gov.ph/regulations/regulations.asp?type=2&id=1806, and http://www.bsp.gov.ph/regulations/regulations.asp?type=2&id=322, respectively.

Any attempt by anyone to transact on the basis of documents of such nature must be immediately reported to the Investigation Staff, Cash Department, BSP Security Plant Complex, Quezon City, at Telephone Nos. 926-5092 and 929-7071 or via e-mail through bspmail@bsp.gov.ph.

For further clarification, please contact:

FINANCIAL CONSUMER AFFAIRS GROUP
Supervision and Examination Sector
BANGKO SENTRAL NG PILIPINAS
5th Floor, Multi-Storey Building, BSP Complex
A. Mabini St., Malate, Manila 1004
E-mail address: consumeraffairs@bsp.gov.ph
Tel. Nos.: Direct Line: (+632)523-3631• Trunkline (+632)524-7011 local 2584

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