BSP assures public of robust measures against counterfeit banknotes

The Bangko Sentral ng Pilipinas (BSP) has assured the public that robust measures are in place against counterfeit banknotes, including those dispensed by ATMs of banks.

The statement was issued days after it reminded the public that they should check the authenticity of banknotes received, even those coming from ATMs.

According to the BSP, ATM services “are part of core banking functions, and banks are bound by law to exercise the highest degree of diligence in protecting their clients’ interest.” The BSP also said that they will hold banks accountable should they fail to observe measures to protect clients.

“The banks have a responsibility to guarantee that banknotes coming from their ATMs are genuine, consistent with the BSP’s Financial Consumer Protection Framework, which requires financial service providers, such as banks, to conduct ethical business practices and not to engage in any practice that may cause harm to the consumer,” the BSP said.

The BSP also said that the country’s ATM system performs soundly under recognized risk management guidelines, and the BSP’s comprehensive approach to safeguarding the Philippine currency includes well-defined mechanisms for reporting doubtful currencies, for examination by the BSP.

The public is also encouraged to report any untoward incident to their respective banks or the BSP, for appropriate action.

source: BSP