The Bangko Sentral ng Pilipinas said it has filed 194 cases against individuals using fake money.
In a statement released on Tuesday, the BSP said 97 percent of these cases resulted in convictions of the accused.
Since 2010, the central bank said authorities have already arrested 212 suspects and collected fake bills amounting to P35.4 million through anti-counterfeiting operations.
Exclusive power and authority
Said the bank, “The BSP has the exclusive power and authority to issue coins and banknotes for circulation in the Philippines.”
With help from the Philippine National Police Criminal Investigation Detection Group or PNP-CIDG, the arrests were successful, informed the BSP.
BSP won case at SC
The BSP shared it won the case at the Supreme Court against Allan Gacasan who was keeping 100 pieces of fake 1000-Piso bills and 25 pieces of fake 500-Piso bills.
Authorities found these in a buy-bust operation conducted in Bukidnon on 10 November 2018 when Gacasan handed the fake bills to an agent of the PNP-CIDG.
Information on suspected holders and users of fake banknotes can be reported by the public by communicating with the BSP through email pcig@bsp.gov.ph, police stations or calling either of these numbers: (02) 8988-4833 or (02) 8926-5092.