The Bankers Association of the Philippines assured the Filipino public that the banking industry is a proactive partner in eradicating the circulation of counterfeit banknotes.
The BAP said banks implement strict cash management services protocols and meticulous security procedures to follow Bangko Sentral ng Pilipinas’ guidelines on the transit and loading of fit banknotes in ATMs. Peso banknotes from the BSP Cash Management Department are timely, safely, and securely transported for loading to ATMs.
While bills in ATMs do not come directly from a bank’s transactions of the day, banks have always maintained qualified personnel trained and equipped to identify counterfeit banknotes to prevent these from entering the banking system.
In the event the public suspects they are holding a counterfeit banknote, the BAP encourages everyone to immediately report to authorities for the immediate resolution of the issue.