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 banknotes in circulation in 2019, down compared to the 12.9 parts per million seen in the previous year, the Bangko Sentral ng Pilipinas said.
The central bank said its drive against counterfeiting with the help of law enforcement agencies has resulted in eight arrests and the confiscations of 470,000 pesos in fake bank notes.
In 2018, the BSP tapped the National Bureau of Investigation in a drive to crack down on peddlers of fake money on social media.
In December last year, the BSP launched the new 20-peso coin cost-efficiency. It also started minting the enhanced 5-peso coin under the BSP’s New Generation Currency coin series in a move to prevent confusion with other coins.