BSP assures execs facing graft raps before Ombudsman will answer in proper forum

Robie de Guzman   •   January 21, 2021   •   587

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) on Thursday assured that its officials who are facing graft complaint before the Office of the Ombudsman will respond in an appropriate forum.

The complaint, filed by Ricardo Fulgencio IV of Stop Corruption Organization of the Philippines, accused BSP Governor Benjamin Diokno and officials of central bank’s Bids and Awards Committee (BAC) of granting P1.75-billion contract to Allcard International sans public bidding for the implementation of the national identification system.

Aside from Diokno, Prudence Angelita Kasala, Rogel Joseph del Rosario, Carl Cesar Bibat, Marianne Santos, Salvador del Mundo, and Giovanni Israel Joson were also named as respondents to the complaint.

“As regards the complaint filed with the Ombudsman relative to the procurement for the printing of cards for the National ID System, rest assured that the BSP officials concerned will respond in the proper forum once required in accordance with applicable rules,” the BSP said in a statement.

Fulgencio said the bidding process for equipment and materials for the Philippine Identification cards was flawed because the BAC of the BSP Security Plant Complex, which is in charge of procuring materials for the cards, required all bidders to procure raw materials, such as diffractive optically variable image device (DOVID) and polycarbonate sheets, from OVD Kinegram.

The complainant said this requirement is prohibited by procurement laws as it shows a specific reference to a brand name.

“[The] respondents’ act of requiring the bidders to procure their raw materials from OVD Kinegram AG effectively gave the latter private party, unwarranted benefits. The respondents’ preference to Kinegram deprived other DOVID suppliers of the opportunity to bid for the project and robbed the government of getting the most advantageous terms for the supply of such raw materials,” the complaint read.

“Clearly, this is a corrupt practice. Henceforth, it is respectfully prayed before this Honorable Office that after the requisite preliminary investigation, criminal information against the herein respondents be filed before the Sandiganbayan,” it added.

Despite the complaint, the BSP said that it supports the rollout of the National ID as it is key to wider financial inclusion that promotes shared economic growth and the financial wellbeing of Filipinos.

BSP warns public against ‘pasalo-benta’ auto loan scam

Aileen Cerrudo   •   September 29, 2021

MANILA, Philippines—The Bangko Sentral ng Pilipinas (BSP) on Wednesday (September 29) issued a warning against the “Pasalo-Benta” auto loan scam carried out by carnapping syndicates.

Under the said scheme, a syndicate member would purchase a vehicle from a seller with an agreement to assume payments for the auto-loan.

However, the scammer has no intention of paying the remaining amortizations and would sell the vehicle to an unwitting buyer using falsified documents that deny the latter of any rights over the vehicle.

“As a result, the original seller defaults on his/her auto loan and the car gets repossessed, leaving the end-buyer with nothing,” the BSP said in a statement.

The BSP previously issued a memorandum in August 2021 for BSP-Supervised Financial Institutions (BSFIs) regarding organized crimes through auto loans.

Through the said memorandum, the central bank called on the BSFIs to prevent said crimes by “reinforcing the conduct of customer identification and verification procedures.” It also advised BSFIs to strengthen the implementation of Anti-Money Laundering Act (AML) regulations.

Meanwhile, the Philippine National Police (PNP) also warned against syndicates that purchase high-end motor vehicles through auto loans under fictitious circumstances such as fabricated conduction stickers, plate numbers, identities, and falsified documents. AAC








20-piso banknote remains legal tender — BSP

Maris Federez   •   September 28, 2021

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has advised the public that the 20-Piso New Generation Currency (NGC) banknotes remain as legal tender and that it still can be used alongside the 20-Piso NGC coins for day-to-day transactions.

In a statement, the country’s central bank said that the 20-peso NGC banknotes, shall be gradually removed from circulation through natural attrition or until they become unfit for recirculation.

In relation to this, the BSP also recently issued an advisory to banks to promote the distribution, recirculation, and mobilization of the 20-peso coins.

The BSP released the new 20-peso NGC coin on 17 December 2019.

The bi-color 20-peso coin retains major elements of the 20-peso banknote. The obverse side of the coin features Manuel L. Quezon, while the reverse side shows the BSP logo, the Malacañan Palace, and the Nilad plant.

In a Facebook post, the BSP has warned the public of circulating messages that the 20-peso banknotes will be demonetized by the end of the year.

The BSP enjoins the public to properly use and recirculate Philippine coins for their economic and cultural value. —/mbmf

Bangko Sentral shares tips in determining fake banknotes

Robie de Guzman   •   September 9, 2021

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) on Thursday advised the public to carefully check their banknotes to ascertain the genuineness of the Philippine currency.

The BSP issued the advisory following reports circulating in social media and messaging apps on the existence of alleged counterfeit 1000-Peso banknotes.

Under Republic Act No. 10951, counterfeiters of Philippine currency are subject to the penalty of imprisonment of at least 12 years and 1 day and a fine not exceeding two million pesos, the central bank warned.

To check the authenticity of the new generation currency (NGC) banknotes, the BSP advised the public to use the “Feel-Look-Tilt” method to check the security features.

A detailed illustration of this method has been posted on BSP’s website.


“From January to June 2021, the BSP led five successful law enforcement operations that resulted in the arrest of 14 individuals and the filing of nine separate criminal charges,” the central bank said.

The BSP also said it regularly conducts public information campaigns to educate the public on the design, security features, and proper handling of Philippine currency as well as relevant laws, policies, and programs.

“The BSP enhanced the New Generation Currency (NGC) banknotes to incorporate the latest anti-counterfeiting technology and improve the visual and tactile differentiation of each denomination,” it said.

The central bank advised the public to immediately report any information on counterfeiting of Philippine currency to the nearest police station or law enforcement agency for appropriate action.

The public may also reach the Payments and Currency Investigation Group (PCIG) at this email address, it added.


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