BSP Issues Clarification vs Fake Money Dispensed at ATM Notice
The Bangko Sentral ng Pilipinas (BSP) clarified its previous public announcement to the public against fake money being dispensed through automated teller machines, according to the notification (ATMs).
Governor Benjamin Diokno of the BSP emphasized that the announcement was in reaction to allegations on social media by netizens who reportedly withdrew counterfeit money from ATMs. According to Diokno, the country’s ATM system runs well and follows established risk management rules.
“ATM services are part of the core banking function of deposit-taking and banks are bound by law to exercise the highest degree of diligence in protecting the interests of their clients,” Diokno added.
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If banks fail to adhere to customer protection standards, they will be held liable. The value of counterfeit money will rise by 7% in 2021, according to data supplied by BSP Currency Policy and Integrity Department chief Eloisa Glindro.
Meanwhile, the BSP has recommended stiffer punishments for counterfeit bill makers. According to existing legislation, counterfeiting Philippine currency is punished by a minimum sentence of 12 years and one day in jail and a maximum fine of P2 million, according to Diokno.
According to BSP deputy director Eloisa Glindro, the number of documented counterfeit banknotes increased by 7% in 2021 compared to the previous year, although it is still “much lower” than it was from 2017 to 2019. From 2010 to 2021, the BSP says it seized about 12,400 pieces of counterfeit Philippine money worth over P7.8 million.
It further stated that over 14,300 counterfeit US currencies worth $92.5 million had been seized. According to Diokno, the amount was the result of around 110 law enforcement operations, which also resulted in the arrest of 179 fraudsters.
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