THE NUMBER of counterfeit banknotes detected by banks’ cash handlers rose by 18.4% in the past year, amid improved detection and consistent correction of previously misclassified notes, the central bank said.
In its 2024 Annual Report, the Bangko Sentral ng Pilipinas (BSP) said this reflected cash handlers are “increasingly becoming adept in counterfeit detection, with a sustained increase in correctly classified submissions to the BSP and a decline in misclassified counterfeits.”
“This is equivalent to 13.2 parts per million, an increase from 12.2 parts per million in 2023,” it said.
The BSP said paper banknotes accounted for the bulk of counterfeits, with the 1000-piso banknote being the most counterfeited at 59.9% followed by 500-piso paper banknote (19.3%).
The 1000-piso polymer banknote has only three low-quality counterfeits recorded in 2024.
“In contrast, counterfeit coins declined by 87.8% and remained below one part per million of genuine coins in circulation,” it said.
In terms of techniques, the predominantly used were inkjet printing (79.7%) of cases, followed by laser printing (12.6%) and altered security threads (7.6%).
The reported counterfeit currencies were highest in the National Capital Region at 52.2%. Region IV-A or CALABARZON, ranked second at 12.2%.
“Counterfeits were frequently recovered in areas with high foot traffic, such as shopping malls (27.2%), supermarkets (25.9%), and wet markets (20.9%),” the central bank said. — Aubrey Rose A. Inosante
