In 2023, the Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, ramped up its anti-counterfeiting measures, conducting 11 operations that led to the arrest of 19 suspects and the filing of 25 criminal charges. The BSP reported a 100% conviction rate on pending cases, with six concluded this year. A notable case involved an individual who manufactured and sold counterfeit currencies online through platforms like Lazada and Shopee, culminating in a July entrapment operation with the Philippine National Police. The BSP also examined 13,142 claims for damaged currencies, replacing nearly PHP23m worth. It found 59,080 banknotes and 7,290 coins to be counterfeit, but maintains that counterfeit levels in circulation are minimal. Additionally, the BSP processed 28 requests related to currency reproduction for regulatory purposes.