The NBI headquarters in Manila. (File photo / Philippine Daily Inquirer)
MANILA, Philippines — Agents of the Bangko Sentral ng Pilipinas (BSP) and the National Bureau of Investigation (NBI) have arrested four suspects in a joint anti-counterfeiting operation in Tarlac and Pampanga.
The BSP and NBI confiscated a total of 161 counterfeit Philippine currency banknotes and 78 fake foreign banknotes in the operation conducted on Jan. 19
Counterfeiters of Philippine currency face imprisonment of up to 20 years and a fine of up to P2 million.
In January, BSP Governor Benjamin Diokno said the BSP would push a new law that would impose stiffer penalties on the counterfeiting of banknotes.
Diokno said the BSP has so far enjoyed a 98-percent conviction rate on fake money cases, which the courts have ruled already.
He said that from 2010 to 2021, the BSP carried out 110 law enforcement operations that resulted in the arrest of 179 suspects, and confiscation of more than 12,400 pieces of counterfeit peso banknotes and more than 14,300 pieces of counterfeit US dollar banknotes.
The BSP chief said enforcement operations have led to the filing of 164 criminal cases in court, with 65 already concluded.
“From those concluded, 64 resulted in the conviction of the accused as charged, equivalent to a conviction rate of 98.46 percent,” he added.
RELATED STORIES
Warning up on counterfeit money after CIDG seizes P100K in fake bills in Cebu
Police chief warns of possible circulation of fake bills in Iligan City
Bangko Sentral steps up campaign against fake bills