8 nabbed in anticurrency counterfeiting raids

MANILA, Philippines – Seven anticurrency counterfeiting operations conducted by the Bangko Sentral ng Pilipinas (BSP) with law enforcement agencies in 2019 led to the arrest of eight suspects and seizure of counterfeit banknotes with notional value of P473,500.

The central bank said the rate of currency counterfeiting in the country in 2019 stood at 11.8 parts per million (ppm) banknotes in circulation, lower than the 12.9 ppm level registered in 2018.

“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,”the regulator said.

The BSP has the sole power and authority to issue currency in the Philippines and is also vested with police authority to investigate, make arrests, and conduct searches and seizures for the purpose of maintaining the integrity of the Philippine currency.

—Daxim Lucas