Duterte to BSP: Intensify programs vs. counterfeiting

President Rodrigo Duterte on Wednesday called on the Bangko Sentral ng Pilipinas (BSP) to step up its efforts against the proliferation of counterfeit money.

In a speech in Malacañang, Duterte underscored the need to change the design of banknotes and coins because it is required under the Republic Act 7653  or the New Central Bank Act.

"This is to enhance its security features as well as to prevent forging and improve durability. Initiatives like this are meant to promote public trust and confidence in our financial system," Duterte said after the presentation of new generation currency banknote and coin series. 

"This is why I call on the BSP to stop illegal activities that impede our efforts in promoting the integrity of our currency. Intensify your [programs] against counterfeiting and conduct more campaign [drives] in order to protect our citizens from confusion and deceit."

The new banknotes and coins are in line with the central bank's mandate of preserving the integrity of the Philippine currency which pays for goods and services.

"I ask the public to join us in welcoming the new generation currency banknote and coin series. Let us use them wisely and responsibly for our personal and our country’s advancement," Duterte said, amid calls for the BSP to recall the new coins because of their designs that supposedly make them difficult to distinguish from each other.

Duterte also urged the BSP to remain vigilant "in ensuring price and financial stability, instituting banking reforms and sharpening strategies."

"We do this because public interest is at the heart of this administration’s priorities," he said. —KBK, GMA News