Over the last 10 years, the BSP has conducted more than 100 enforcement operations that led to the apprehension of 176 suspects and the confiscation of more than 12,000 pieces of counterfeit Philippine banknotes with a notional value of P7.69 million.
INTENSIFYING its campaign against gangs dealing in fake monetary bills, the Bangko Sentral ng Pilipinas (BSP) said it has busted criminal syndicates behind the spread of counterfeit Philippine peso and foreign banknotes during a series of operations during the first nine months of 2021.
Notional value
In a press statement, BSP said more than 500 pieces of counterfeit banknotes with a notional value of more than P480,000 were seized during seven enforcement operations conducted by authorities during that period.
The enforcement operations also resulted in the arrest of 16 suspects, 14 of which were members of crime syndicates.
The BSP's Payments and Currency Investigation Group, which carries out said operations, has already filed criminal cases against the arrested individuals in the courts.
In addition to the seized counterfeit Philippine currency, the BSP also seized more than 200 pieces of counterfeit foreign banknotes during the said period.
Sustained efforts
“The BSP continues to protect and promote the integrity of the Philippine banknotes and coins through sustained efforts against the counterfeiting of currency,” the central bank said in the statement.
Over the last 10 years, the BSP has conducted more than 100 enforcement operations that led to the apprehension of 176 suspects and the confiscation of more than 12,000 pieces of counterfeit Philippine banknotes with a notional value of P7.69 million.
Counterfeit US dollar bills
The operations also led to the seizure of more than 14,300 pieces of counterfeit US dollar bills with a notional value of $92.59 million, along with a number of other foreign currencies.
Of the 176 arrested suspects, 127 were members of a criminal syndicate while the remaining 48 were found to have acted on their own.
The BSP's anti-counterfeiting operations also resulted in the filing of 161 criminal cases in court.
Out of these cases, 63 have been concluded while 98 are still ongoing.
Of the concluded cases, 62 resulted in a conviction, translating to a 98.41-percent conviction rate from 2010 to 2021.
Penalties
Under Republic Act No. 10951, counterfeiters of Philippine currency are subject to the penalty of imprisonment of at least 12 years and 1 day and a fine not exceeding two million pesos.
The New Generation Currency banknote series currently in circulation has advanced security features that help deter counterfeiting.
P1K polymer notes
Meanwhile, the BSP announced last month that it will test run polymer or plastic P1,000 banknotes during the first half of next year.
The central bank said polymer banknotes, which are already in widespread use in other countries such as Australia and Canada, are more durable, more secure and more cost-effective than the current paper banknotes currently in circulation.
Tags: #BangkoSentralNgPilipinas, #counterfeiting, #banknotes, #organizedcrime