The Bangko Sentral ng Pilipinas (BSP) has warned the public against a fraudulent online article that falsely uses the name and likeness of BSP Governor Eli M. Remolona Jr., underscoring growing concerns over misinformation targeting financial consumers.
In an official statement, the central bank clarified that the supposed interview between Governor Remolona and television host Boy Abunda is entirely fabricated.
The article, which also features AI-generated images, falsely attributes statements to the central bank chief in an apparent attempt to mislead readers.
“The BSP clarifies that the said article is fake,” the central bank said in an advisory, urging the public to refrain from sharing the content and to verify information through official channels.
BSP debunks forex claims, warns vs. misinformation
Central Bank Governor Eli M. Remolona Jr. (IMAGE CREDIT: BSP)
The warning comes amid a broader rise in financial misinformation, with the BSP also debunking circulating claims about foreign exchange transactions.
In a separate advisory, the Bangko Sentral ng Pilipinas denied issuing any directive stating that U.S. dollar banknotes with stamps would no longer be accepted after a certain date.
According to the central bank, it does not facilitate the exchange or replacement of foreign currencies into Philippine pesos, contrary to claims in viral messages. Instead, such transactions should be conducted through BSP-supervised financial institutions, including banks and registered Money Service Businesses (MSBs).
“The public is advised to be wary and vigilant against fake news or bogus information, particularly those circulating in online chat groups and from entities misrepresenting the central bank,” the advisory stated.
Rising scams test trust in financial system
IMAGE CREDIT: shutterstock.com
These twin warnings highlight the increasing sophistication of scams and misinformation campaigns, particularly those leveraging trusted institutions and public figures.
As digital platforms continue to expand access to financial services, they also create new channels for the spread of false or misleading information.
Beyond consumer protection, the central bank emphasized that maintaining a credible and well-functioning financial system remains a priority. Through its International Operations Department, the central bank continues to refine the country’s foreign exchange regulatory framework to support a growing and dynamic economy.
Recent liberalization measures have been implemented to make foreign exchange transactions more accessible for businesses, overseas Filipinos, and the general public. These reforms are being carried out in a calibrated manner, balancing ease of access with safeguards such as documentation and reporting requirements.
Such mechanisms allow the central bank to monitor market developments, manage risks, and ensure the availability of reliable data for policy decisions. As misinformation continues to evolve, the central bank is calling on every Filipino to remain vigilant — verifying sources, relying on official platforms, and avoiding the spread of unverified claims that could undermine trust in the financial system.
