The Bangko Sentral ng Pilipinas (BSP) said it conducted two successful anti-currency counterfeiting operations during the first semester of 2017 leading to the arrest of four suspects.
“The volume of documented counterfeit banknotes in the Philippines in the first semerter of 2017 remains low at 6.3 pieces per million (PPM),” the BSP said in a statement on Friday.
Using the benchmark of the G20 countries to categorize a curtency system as secure at 50 PPM or below, the Philippine peso banknote is considered safe, it said.
Under Section 50 of Republic Act 7653, otherwise known as The New Central Bank Act, the central bank is 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 currency.
The monetary authority said since 2005, it has conducted a total of 117 successful anti-counterfeiting operations until the first semester of this year in coordination with other law enforcement agencies.
These operations led to the arrest and filing of legal cases against 199 suspects involved in counterfeiting activities as well as confiscation of various counterfeit currencies such as the Iraqi dinar, Japanese yen, Malaysian ringgit, Philippine peso and the US dollar.
“Various equipment and paraphernalia used for counterfeiting such as desktop computers, primers, scanners and press machines were seized. Other pieces of evidence like ammunitions and motorcycle vehicles used in illegal activities were confiscated,” the BSP said.
The BSP said that in accordance with its Revised Reward System (RRS), 81 individuals have received monetary rewards for giving information on the counterfeiting activities of unscrupulous individuals resulting in their arrest and the seizure of counterfeit currencies and counterfeiting paraphernalia and the filing of appropriate charges in court.
In February 2009, the coverage of the BSP RRS was expanded to include information involving the hoarding and mutilation/destruction of Philippine coins.