BSP: 11 anti-counterfeiting operations conducted in 2023

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has carried out 11 anti-counterfeiting operations in 2023, intensifying its efforts to protect and promote the integrity of Philippine currency.

“These operations resulted in the arrest of 19 suspects and the filing of 25 criminal charges against violators of the law, rules, and regulations on currency notes and coins,” the central bank said in its annual report for 2023.

The BSP has also secured a 100-percent conviction rate in its pending currency counterfeiting cases from previous years, with six cases concluded in 2023.

According to the central bank, one of the most significant cases last year involved the arrest of an individual engaged in massive currency counterfeiting by solely designing, manufacturing, and distributing counterfeit currencies through online marketplaces such as Lazada and Shopee.

In July 2023, operatives from the BSP and the criminal investigation and detection group of the Philippine National Police conducted the entrapment operation.

By the end of 2023, around 26 counterfeiting cases were referred by other law enforcement agencies to the central bank.

“The BSP provided technical assistance and advice to currency integrity investigations, while it carried out laboratory examinations of referred suspected counterfeit currencies,” the central bank said.

It also conducted four currency-related scam investigations, which were referred to other law enforcement agencies for possible monitoring and cross-referencing with ongoing investigations.

The BSP served as arresting officer and/or currency expert in 95 judicial court hearings on currency counterfeiting or allied cases last year as well.

Meanwhile, the central bank upheld its commitment of determining the genuineness and redemption value of currencies submitted for examination.

In 2023, the BSP analyzed 13,142 claims and achieved 100 percent compliance with the Anti-Red Tape Authority requirements.

“These claims were equivalent to 91,446 pieces (P26.6 million) of severely damaged Philippine banknotes and coins, of which 55,949 (P22.8 million) were replaced in favor of the claimants,” the BSP said.

Around 59,080 pieces worth P42.9 million of banknotes and 7,290 pieces worth 40,000 of coins examined were found to be counterfeit.

“Nonetheless, the volume of counterfeit banknotes and coins in circulation remained safe and secure at only 12.2 parts per million and 0.2 parts per million, respectively,” the BSP said.

The central bank also processed 28 requests for permission to use or reproduce the facsimile of legal tender Philippine currency as part of its regulation to ensure the preservation of currency integrity.