Philippines’ BSP announces countermeasures against fake banknotes from ATMs

The banking regulator earlier warned the public of counterfeit notes from ATMs.

The Philippines’ Bangko Sentral ng Pilipinas (BSP) assured the public that ‘robust measures’ are in place against counterfeit banknotes, including those dispensed by automated teller machines (ATMs).

“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 practise that may cause harm to the consumer,” BSP said.

BSP said it will hold banks accountable if they fail to observe measures to protect their clients.

To better protect the banking public, BSP said it had submitted to Congress the Financial Products and Services Protection Act, or the Financial Consumer Protection Act. The said legislative measure, if enacted, will address the gaps in our existing laws and better equip financial regulators, such as the BSP, with adequate legal authority to respond to complaints and enforce prudent, responsible, and customer-centric standards of business conduct. Said bill is currently pending in Congress.

On 25 January, BSP warned the public to carefully inspect banknotes from ATMs to protect themselves from counterfeit bills.