BSP assures public of extensive anti-counterfeit measures

The Bangko Sentral ng Pilipinas (BSP) has assured the public that strong precautions against counterfeit banknotes, including those dispensed by bank ATMs, are in place.

The remark came days after the government warned the public to check the legitimacy of banknotes they receive, including those from ATMs.

According to the BSP, ATM services are “part of basic banking responsibilities,” and banks are required by law to “exercise the utmost degree of attention in protecting their clients’ interests.” The BSP also stated that if banks fail to follow client-protection measures, they will be held accountable.

“Banks have a responsibility to ensure that banknotes coming from their ATMs are genuine, consistent with the BSP’s Financial Consumer Protection Framework, which requires financial service providers, such as banks, to conduct ethical business practices and not engage in any practice that may harm the consumer,” according to the BSP.

The BSP also stated that the country’s ATM system operates effectively under established risk management rules, and that the BSP’s comprehensive strategy to safeguarding the Philippine currency includes well-defined channels for reporting suspect currencies for BSP scrutiny.

The public is also invited to report any suspicious activity to their local banks or the BSP, which would take appropriate action.

source: BSP

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