Bank execs confirm fake new peso bills circulating in Tacloban

TACLOBAN CITY, Philippines—Officials of the bankers association in this city have confirmed that counterfeits of the newly-issued peso bills were being used here.

Francisco Barredo, president of the Tacloban Bankers Club and manager of Bank of Philippine Islands Tacloban main branch, said that not only have they received reports of fake peso bills circulating in the market, their bank has received such fake bills.

“We have received counterfeit peso bills. That is why we urge the public if they have these counterfeit bills, to report and surrender them to the Bangko Sentral ng Pilipinas and stop circulating them further,” Barredo said.

He said the circulation of counterfeit bills was “alarming.”

“Whether the amount involved is of lower denomination does not matter. The fact is, we should take good care of our money,” Barredo said.

Kathleen Quintero, TBC auditor and manager of the Postal Savings Bank Tacloban, said their bank had also received some fake bills.

Quintero noted that in the past, fake peso bills were in P1,000 and P500 denominations. However, counterfeiters might have started making fake bills in lower denominations, she pointed out.

“Lately, we have received faked P50 bill. That is why, we are now careful in scrutinizing the P50 bill, unlike before,” Quintero said.

Quintero said, the new peso bill contains micro-prints and security threads that reportedly make it more difficult for counterfeiters to copy them.

The amount of the bill and the phrase Republika ng Pilipinas are embossed and distinguished by feel. It has a rough finish, vivid colors, heavier security threads and multiple watermarks.

The Tacloban Bankers Club, together with the Bangko Sentral ng Pilipinas, is set to conduct an information campaign on April 12 on the circulation of the counterfeit bills and how to detect these as the main agenda.