Monday, October 23, 2006 Spotlight on shady moneychangers
WORRIED that counterfeit dollar bills will circulate in Cebu during the Asean summit, a Cebu City councilor urged the National Bureau of Investigation (NBI) to rid the city of “fly-by-night” moneychangers before the event.
Councilor Edgardo Labella also urged the Cebu City Task Force Asean Summit to include moneychangers’ shops in the list of business entities that they will inspect prior to the gathering of international leaders.
The shops should be inspected to ensure that only legitimate moneychangers will operate during the summit, so the City Government can protect locals and foreigners from being duped by “fly-by-night” moneychangers, he said.
In a proposed resolution, Labella asked the NBI to coordinate with the Bangko Sentral ng Pilipinas (BSP) and initiate a pre-summit drive against suspected counterfeit syndicates operating in the city.
The councilor said the government should make sure that foreign currency bills that will be circulated before and during the summit will not include fake bills.
“The glare of the international media spotlight on Cebu, including Cebu City, during the summit would certainly be dimmed if some foreign guests will be victimized by syndicates of fake currencies including the US dollar,” Labella said.
He fears that unscrupulous individuals behind the illegal printing and circulation of fake bills in various currencies “may already be devising a plan to hoodwink foreign guests during the summit.”
“It will certainly aid as a deterrent to any large-scale circulation of fake currencies during the summit period if ‘fly-by-night’ moneychangers would be prevented from conducting their illegal activities in the city, especially during the said international gathering,” Labella further said.
Sixteen heads of state from Association of Southeast Asian Nations (Asean) member countries, their dialogue partners, senior ministers, their staff and members of the international media will be in Cebu for the Asean summit in December.
Labella said some individuals might take advantage of the huge cash flow in Cebu during the event and bring in bogus bills. He further said that counterfeit money should not mar the preparations for the summit, which is seen as a historic event for Cebu.
It will also spur economic activities, especially for the hotels, resorts, restaurants, car rental and other tourism-driven and service-related industries. (LCR)
