The Bangko Sentral ng Pilipinas (BSP) assures the public that robust measures are in place against counterfeit banknotes, including those dispensed by automated teller machines (ATMs) of banks.
“ATM services are part of core banking functions, and banks are bound by law to exercise the highest degree of diligence in protecting their clients’ interest. The BSP will hold the banks accountable should they fail to observe measures to protect their clients,” BSP, in a statement, said.
The central bank said 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 practice that may cause harm to the consumer.
“The country’s ATM system performs soundly under recognized risk management guidelines, and the BSP’s comprehensive approach to safeguarding the Philippine currency includes well-defined mechanisms for reporting doubtful currencies, for examination by the BSP. Thus, the public is encouraged to report any untoward incident to their respective banks or the BSP, for appropriate action,” BSP said.
To better protect the banking public, the BSP 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.
“The BSP will continue to strictly enforce existing rules and regulations to maintain a sound and stable financial system for consumers,” BSP said.
