The Manila Times

BAP assures public vs fake money

MAYVELIN U. CARABALLO

INDUSTRY group Bankers Association of the Philippines (BAP) assured the public that the banking industry is a proactive partner in combating counterfeit currency circulation.

“Banks implement strict cash management services protocols and meticulous security procedures to follow Bangko Sentral ng Pilipinas (BSP) guidelines for the transit and loading of fit banknotes in ATMs (automated teller machines),” it said in a statement on Thursday night.

BAP added that peso banknotes from the BSP Cash Management Department are delivered to ATMs on time, safely and securely.

While bills at ATMs are not directly from a bank’s daily transactions, it also said that banks have always kept qualified people trained and equipped to spot counterfeit banknotes in order to prevent them from entering the banking system.

“In the event, however, that the public suspects they are holding a counterfeit banknote, we encourage everyone to immediately report to the authorities for the immediate resolution of this issue,” the association said.

Making and importing counterfeit money is a criminal offense, BAP pointed out, which agrees with the central bank’s appeal for caution in spotting counterfeit money.

To avoid counterfeiting, the Bangko Sentral had previously advised the public to examine banknotes for authenticity on a regular basis using the “feel, look, tilt” method, particularly those withdrawn from ATMs.

“The partnership between

the BSP and BAP, together with a vigilant public, will pave the way for ensuring that counterfeit money and their sources are fully eradicated,” it said.

Corporate News

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2022-01-29T08:00:00.0000000Z

2022-01-29T08:00:00.0000000Z

https://manilatimes.pressreader.com/article/281900186600683

The Manila Times