9 alleged counterfeiters arrested

Nine suspects allegedly involved in circulating fake money were arrested during raids conducted by monetary authorities from January to March this year.

In a statement Wednesday, the Bangko Sentral ng Pilipinas (BSP) said operatives of its Currency Issue and Integrity Office undertook four “successful” anti-counterfeiting operations during the first quarter.

Between 2010 and the first quarter of this year, 61 anti-counterfeiting operations were conducted by the BSP in cooperation with other law enforcement agencies.

“Since 2010, 28 individuals have already been convicted that led to their imprisonment and payment of fine. Trial for 42 cases is still in progress in various courts nationwide,” the BSP said.

In all, the BSP’s anti-counterfeiting operations “led to the arrest of and filing of legal cases against 102 suspects involved in counterfeiting activities as well as confiscation of various counterfeit currencies such as Iraqi dinar, Japanese yen, Malaysian ringgit, Philippine peso and US dollar.”

“Various equipment and counterfeiting paraphernalia such as desktop computers, printers, scanners, ammunition, motorcycles and press machine were also seized/confiscated,” the BSP added.

The BSP has police authority to investigate, make arrests, as well as conduct searches and seizures to maintain the currency’s integrity under Republic Act No. 7653 or The New Central Bank Act.

The tipsters who provided the BSP information about counterfeiting activities were also given monetary rewards.

The BSP said that from 2010, 55 individuals have received monetary reward, the highest of which amounted to P201,000.