Currency counterfeiting declines

CASES OF currency counterfeiting dropped in 2019, with the central bank ramping up efforts to curtail these illegal operations.

The rate of currency counterfeiting in the Philippines stood at 11 parts per million (PPM) banknotes in circulation in 2019, down compared to the 12.9 PPM seen in the previous year, the Bangko Sentral ng Pilipinas said in a statement.

The central bank said its drive against counterfeiting with the help of other law enforcement agencies has resulted in the arrest of eight suspects and the confiscations of fake bank notes with notional value of P473,500.

Published : 16-Mar-2020

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