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BSP warns public vs. cheque scams

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A man arranges his peso bills inside a currency exchange shop Friday, Nov. 9, 2007, in Manila, Philippines. The dollar closed Friday at 42.795 pesos, where the peso rose to a new seven-year high on prospects of further U.S. interest rate cuts and likely increases in remittances from Filipinos overseas.  (AP Photo/Pat Roque)

A man arranges his peso bills inside a currency exchange shop Friday, Nov. 9, 2007, in Manila, Philippines. The dollar closed Friday at 42.795 pesos, where the peso rose to a new seven-year high on prospects of further U.S. interest rate cuts and likely increases in remittances from Filipinos overseas. (AP Photo/Pat Roque)

MANILA, July 24 (Mabuhay) — The Bangko Sentral ng Pilipinas Wednesday warned the public against a scam that asks for money from unsuspecting individuals in exchange for checks worth millions of pesos.

In an advisory, the central bank said the checks were “supposedly issued by the BSP or the former Central Bank of the Philippines.”

“The BSP clarifies that it does not issue, secure or guarantee checks and other commercial documents in the name of individuals or private groups,” it said.

The central bank statement explained that “as a financial regulator, the BSP transacts only with financial institutions under its supervision.”

It urges the public to call or get in touch with the central bank’s Financial Consumer Affairs Group through consumeraffairs@bsp.gov.ph, the direct line (02) 708-70-87 and the trunkline (02) 708-77-01 local 2584 for more information on this scam. (MNS)

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