Counterfeit bills proliferate in 2024

National

Counterfeit bills proliferated last year, the Bangko Sentral ng Pilipinas (BSP) said in its 2024 annual report.

The BSP recorded 69,922 fake bills—up from 59,074 in 2023 for an 18.4% increase. This equates to 13.2 counterfeit notes for every one million genuine bills in circulation, compared to 12.2 the previous year.

According to the BSP, inkjet printing remained the dominant forgery method, accounting for 79.7% of counterfeits. Laser printing and tampered security threads were also observed, though less frequently.

Enhanced training for bank cash handlers has improved counterfeit detection, reflected in a higher rate of accurate submissions and fewer misclassifications.

The most frequently counterfeited denomination was the 1,000-piso note, comprising 59.9% of all fake bills. It was followed by the 500-piso note at 19.3%.

Conversely, the newer polymer 1,000-piso banknotes proved highly resistant to counterfeiting, with only three low-quality fakes detected in 2024—all printed on paper and lacking key security features such as transparent elements.

Meanwhile, counterfeit coins saw a dramatic 87.8% decline, dropping to only 891 pieces. Most were remnants of past attempts, particularly involving outdated five-piso coins.

The BSP attributed this success to the advanced features of the New Generation Currency (NGC) coin series, including micro-printed and laser-engraved designs.

Metro Manila accounted for the majority of counterfeit cases at 52.2%, followed by Region IV-A (Calabarzon) with 12.2%. Common recovery locations included malls (27.2%), supermarkets (25.9%), and wet markets (20.9%).

In response to increased reports—103 currency-related incidents in total—the BSP processed 44 legal requests to reproduce facsimiles of Philippine currency for legitimate use, with all approvals issued within three days.

Law enforcement actions in 2024 led to six arrests and 11 criminal charges involving counterfeit operations.

These operations led to the recovery of more than 1,500 fake banknotes, including fake enhanced NGC 1,000- and 500-piso bills, along with 220 counterfeit U.S. $100 notes. Three cases resulted in full convictions, and 16 were forwarded for technical evaluation and legal support.(Rey Niño P. Puso, PIT Comm Intern)