BSP and NBI are intensifying the crackdown on counterfeiters.
BSP and NBI — The Bangko Sentral ng Pilipinas said that the central bank, together with law enforcement agencies such as the National Bureau of Investigation, has been actively conducting joint anti-counterfeiting operations.
On Monday, the central bank said that it is pursuing more aggressively the prevention of counterfeiting or the production of fake banknotes in the Philippines.
“The central bank, together with law enforcement agencies, such as the NBI, has been actively conducting joint anti-counterfeiting operations,” the central bank said.
The most recent NBI and BSP enforcement operations were conducted last January 19 wherein both agencies apprehended 4 suspects after confiscating 78 fake foreign currencies and 161 counterfeit banknotes.
According to the central bank, the 4 suspects were charged with violating Article 168 in relation to Article 166 of the Revised Penal Code, as amended.
Under Republic Act No. 10951 (the Revised Penal Code), those convicted as counterfeiters are slapped with a maximum of PHP 2 million in fines and imprisonment of up to 20 years.
Last January, BSP Governor Benjamin E. Diokno said that they are currently conducting preparatory work for legislative proposals to criminalize the hoarding of coins and to raise the penalty for crimes involving currency counterfeiting.
The central bank wants to impose a more rigid package of penalties and sanctions against currency counterfeiting and to criminalize the stockpiling of large amounts of coins.
Also, the central bank is hoping that its proposed measures will further strengthen its currency operations such as production, distribution, authenticity verification, deposit-taking from banks, anti-counterfeiting operations, and retirement.
READ ALSO: BSP Wants Stiffer Sanctions, Penalties vs Coin Hoarders, Counterfeiters
The central bank has conducted 110 law enforcement operations with NBI and arrested 179 suspects from 2010 to 2021.
It has seized 12,400 pieces of counterfeit banknotes worth PHP 7.8 million and more than 14,300 pieces of counterfeit US dollar banknotes worth more than USD 92.5 million.
The central bank has also confiscated coins worth PHP 50 million from 2010 to 2021.
“The BSP advises the public to report any information on currency counterfeiting to the nearest police station or law enforcement agency, or contact the BSP Currency Investigation Group (PCIG) through telephone numbers (02) 8988-4833 and (02) 8926-5092, or via email at [email protected],” the central bank said on Monday.
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