In a press release, the Bangko Sentral ng Pilipinas assured the public that they have always been implementing “robust measures” to fight counterfeit banknotes, even those coming out of ATMs.
The statement was released after the central bank themselves reminded Filipinos to carefully check the bills coming out from ATMs as a precautionary measure to fight counterfeits.
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BSP expressed that ATM services are a core part of banking functions. They also stressed that banks are forced by law to “exercise the highest degree of diligence in protecting their clients’ interest.” The BSP said that banks will be held accountable if they fail to deliver such measures to protect their clients.
The BSP stressed that banks have the responsibility to make sure that banknotes dispensed by 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.”
BSP added that there are recognized risk management guidelines that ATM systems perform on. The central bank also uses a comprehensive approach to protect the Philippine currency. That includes well-defined mechanisms for sketchy currencies.
With that, the BSP is encouraging the public “to report any untoward incident to their respective banks or the BSP, for appropriate action.”
The BSP submitted to Congress the Financial Consumer Protection Act or the Financial Products and Services Protection Act. Once enacted, it will give the BSP and other financial regulators “with adequate legal authority to respond to complaints and enforce prudent, responsible, and customer-centric standards of business conduct.”
The said bill is still pending in Congress.