BSP downplays reports on widespread fake bills

Contrary to previous reports on the widespread proliferation of bogus peso bills and coins, the Bangko Sentral ng Pilipinas regional office here said transactions are so far considered as normal and there is no cause for an alarm.

Unconfirmed reports had it that there is an increasing number of fake peso bills, including coins that circulated in Cebu, however, BSP-7 regional director Lorenzo Zafico said yesterday that reports from banks that have gotten doubtful notes is so far considered as normal transaction, “nothing is abnormal”.

According to Zafico, from time to time, BSP-7 sends questionable notes or bills from the banks to BSP Currency Analysis Redemption Division in Manila, but stressed that the number of bills submitted by banks remains normal.

“Whenever we can detect questionable peso bills, [in different denominations] we will send it to our Manila office. Our office is not authorized to declare if it’s fake or not,” Zafico said.

Zafico said there is a special division in BSP, the Currency Analysis Redemption Division that does the monitoring of the fake money that circulates in the system. This operation, he said is confidential.

Reports circulated that there are increasing number of P1,000, P500, P200 and P100 peso bill denominations that are now circulating in Cebu, especially during the Sinulog festivity.

BSP has downplayed this unconfirmed report, saying no substantial number of questionable bills has been submitted by banks for verification.

“The situation is not yet alarming,” said Zafico, this means that consumers will not worry of the alleged proliferation of fake peso bills, however, they have to be vigilant.

As to the reported fake coins, Zafico said that all new coins from P1 to five centavo denominations released by BSP are already magnetic, hence, for the public’s knowledge, magnetic coins are not fakes.

Likewise, past president of the Cebu Bankers Club (CBC) Prudencio Gesta agreed with Zafico’s statement, saying in his bank alone, they have not noticed an alarming situation on the proliferation of fake or questionable peso bills.

Gesta, who is the vice president for Rizal Commercial Banking Corporation (RCBC) said there is no point of alarm.