BSP flags counterfeit money hotspots

The Bangko Sentral ng Pilipinas (BSP) is calling for intensified anti-counterfeiting enforcement measures in malls, groceries, and wet markets after these locations emerged as the main sources of fake banknotes and coins recovered last year.

- By DERCO ROSAL

Data from the 2024 BSP annual report, published this month, showed that counterfeits were "frequently recovered in areas with high foot traffic, such as shopping malls (27.2 percent), supermarkets (25.9 percent), and wet markets (20.9 percent)."

"This highlights the need for targeted anti-counterfeiting campaigns in these areas," the report said.

According to the central bank report, the P1,000 paper banknote was the most counterfeited bill, accounting for 59.9 percent or the majority of documented counterfeits last year.