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BSP Conducts Successful Anti-Counterfeiting Operations

05.25.2016

BSP Conducts Successful Anti-Counterfeiting Operations
Actual inventory of the seized/confiscated counterfeit 1000- and 500-piso banknotes found inside the house premises of suspects during the anti-counterfeiting operation on 17 February 2016.

The operatives of the Currency Issue and Integrity Office (CIIO) of the Bangko Sentral ng Pilipinas conducted four successful anti-counterfeiting operations during the first quarter of 2016 leading to the arrest of nine suspects involved in counterfeiting activities.

Under Section 50 of Republic Act No. 7653, otherwise known as “The New Central Bank Act”, the BSP is vested with police authority to investigate, make arrests, and conduct searches and seizures in accordance with law, for the purpose of maintaining the integrity of the currency.

In coordination with other law enforcement agencies (OLEA), the BSP has conducted a total of 61 successful anti-counterfeiting operations since 2010 until the first quarter of 2016. These operations led to the arrest of and filing of legal cases against 102 suspects involved in counterfeiting activities as well as confiscation of various counterfeit currencies, i.e., Iraqi Dinar, Japanese Yen, Malaysian Ringgit, Philippine Peso and US Dollar. Various equipment and counterfeiting paraphernalia such as desktop computers, printers, scanners, ammunitions, motorcycles and press machine were also seized/confiscated. Since 2010, 28 individuals have already been convicted that led to their imprisonment and payment of fine. Trial for 42 cases is still in progress in various courts nationwide.

In accordance with the BSP Revised Reward System, from 2010, 55 individuals have received monetary reward, the highest of which amounted to ₱201,000, for giving information on counterfeiting activities of unscrupulous individuals resulting in their arrest, seizure/confiscation of counterfeit currencies and counterfeiting paraphernalia and the filing of appropriate charges in court. In February 2009, the coverage of the BSP Revised Reward System was expanded to include information involving the hoarding and mutilation/destruction of Philippine currency coins.

The BSP encourages the public to report any information on currency counterfeiting to the nearest police agency/law enforcer, for appropriate action, or contact the CIIO-BSP for assistance at Tel. Nos.  988-4833 and 926-5092.

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