The Bangko Sentral ng Pilipinas is proposing a more rigid package of penalties and sanctions against currency counterfeiting and to criminalize the stockpiling of large amounts of coins.
“Our proposal for stiffer penalties will also take into consideration the current economic landscape as well as advancements in printing technologies,” said Diokno. The BSP retires banknotes and coins deemed unfit, mutilated and demonetized to ensure that only fit and legal tender notes and coins are circulated to the public.
As for efforts against counterfeits, the central bank has conducted 110 law enforcement operations from 2010 to 2021 and arrested 179 suspects.
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