A report from the Nueva Ecija police identified the honest cop as SPO1 Gerald Paul Cayog of the Llanera municipal police station.
It said Cayog was on routine foot patrol at the Llanera public market at about 10 a.m. last Friday when he saw a bag perched on top of an automated teller machine (ATM) in the area.
Cayog then checked the bag and found it contained about P550,000 in one thousand and five hundred peso bills.
An identification card in the bag also indicated it belonged to one Hermenila Silao, a resident of Llanera.
After reporting the find to his police superiors in the town, he immediately sought Silao who admitted having lost the bag.
Silao is a local businesswoman.
Silao and Cayog then proceeded to the municipal police station where he kept the bag with cash.
Cayog turned over the cash to Silao with other cops and employees as witnesses.
Regional police authorities said they are preparing a commendation for Cayog for his “exemplary honesty.”