FOUR suspects were arrested in the recent Bangko Sentral ng Pilipinas (BSP) and the National Bureau of Investigation (NBI) anti-counterfeiting operations in Pampanga and Tarlac.
The Central Bank reported on Monday that a total of 161 counterfeit Philippine currency banknotes and 78 fake foreign banknotes were confiscated. The four suspects were charged with violating Article 168 in relation to Article 166 of the Revised Penal Code, as amended.
Counterfeiters of Philippine currency may be subject to imprisonment of up to 20 years and a fine not exceeding P2 million under Republic Act 10951.
The central bank, together with law enforcement agencies, such as the NBI, has been actively conducting joint anti-counterfeiting operations.
In a statement, the BSP advises the public to report any information on currency counterfeiting to the nearest police station or law enforcement agency, or contact the BSP Currency Investigation Group (PCIG).
Earlier this year, the BSP said it is eyeing tighter laws against currency counterfeiting. BSP Governor Benjamin E. Diokno has said monetary authorities are preparing legislative proposals that aim to raise the penalty of imprisonment for crimes involving currency counterfeiting and to criminalize coin hoarding.
According to the governor, this is part of the BSP’s efforts to strengthen currency operations and maintain the integrity of banknotes and coins in the country.
“These proposed measures are expected to further strengthen BSP’s currency operations covering production, distribution, deposit-taking from banks, authenticity verification, anti-counterfeiting operations, and retirement,” Diokno has said.