January 22, 2009

Anti-counterfeit Campaign: BSP Revised Reward System "Bayani ka na, magkakapera ka pa!"

The BSP Reward System, launch Anti-Counterfeiting campaign that, encourages the populace to furnish information on person/groups responsible for the manufacture/passing of counterfeits. This nefarious activity can be more effectively suppressed with the cooperation of the public.

There is a Committee on Rewards who shall determine the amount of reward in accordance with certain rules and regulation as approved by the Monetary Board.

Any person who voluntarily gives definite and sworn information leading to the the arrest/prosecution of a person or group of persons engaged in counterfeiting/passing of Philippine notes and coins or foreign notes and coins acceptable to BSP may qualify for the reward except however, officers or employees of the BSP or any intelligence or law enforcement agencies such as NBI, PNP, BIR, Bureau of Customs, including their relatives within the 3rd degree of consanguinity or affinity.
Recent introduction of counterfeit coins and notes have resulted to major changes in the production of coins and upgrade of the security features of the local currency especially high denomination notes such as 200-piso, 500-piso, and 1000-piso.

"The latest printing technology and other high end software have enabled counterfeiters and forgers to produce more complicated counterfeits. That is why the BSP has required its departments to harness all available resources to halt further damage to our monetary system." a BSP official explained.

"We don't want to experience the same setback when we first encountered the fake 5-piso and 10-piso coins which were only detected when much have been already introduced to the local economy. We did not anticipate such incident because we thought only coins of higher exchange rate such as the dollar, euro, and yen are vulnerable for counterfeiting. We have underestimated the intrinsic value of our own coins." He added.

Any person who has information on counterfeiting activities, may call the Investigation Staff, Cash Department at Telephone Nos. 926-5092 or 929-7071 local 618.

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