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Thursday, December 08, 2005
Fake bills proliferate in city
By Kathy Villalon Cinco
ILOILO CITY -- As people get busy for Christmas, so do syndicates engaged in the printing of fake bills.
Jovan Nepomuceno, Bangko Sentral ng Pilipinas (BSP) Iloilo manager, warned the public, especially establishments and banks that a lot of fake bills are circulating in the city.
Some indicators that a bill is fake is the shiny texture of the paper used; the paper is easy to tear; serial number is easily erased and not aligned; and the lack of a watermark, among others.
Earlier, the BSP sought the help of the National Bureau of Investigation (NBI) in tracking down on syndicates involved in the manufacture of counterfeit bills.
Bills that are normally faked are P500 and P1,000 bills and these proliferate during the Christmas season.
It was also revealed that some syndicates use old bills to produce fake ones. The old information on said bills are erased and are replaced by the features of the P500 and P1,000 bills.
Nepomuceno said the BSP is willing to give establishments seminars on how to detect counterfeit bills.
(December 8, 2005 issue)
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