The Bangko Sentral ng Pilipinas said its intensified campaign against currency counterfeiting in 2019 resulted in the arrest of unscrupulous individuals involved in the illegal activity and confiscation of fake banknotes with value of P473,500.
It said in a statement seven anti-currency counterfeiting operations were conducted last year in the different parts of the country.
“For 2019, the rate of currency counterfeiting in the country is at 11.8 parts per million banknotes in circulation, lower than the 12.9 PPM registered in 2018,” it said.
“From 2015 to 2019, the BSP has arrested and filed criminal cases against 67 counterfeiters and confiscated various counterfeit currencies and several equipment and paraphernalia used for counterfeiting,” it said.
The BSP has the sole power and authority to issue currency in the Philippines under Republic Act No. 7653, as amended by RA No. 11211 or “An Act Amending Republic Act Number 7653, otherwise known as the “New Central Bank Act’ and for other Purposes.”
The BSP is also 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 Philippine currency.