Chinese trader corners banknotes manufacturer | Inquirer News

Chinese trader corners banknotes manufacturer

/ 10:28 PM May 22, 2013

A Hong Kong Chinese businessman has bagged multimillion-peso projects involving the production and delivery of the country’s new generation banknotes.

The supply of new peso bills in 20, 50, 100 and 1,000 denominations, including contracts for the supply of security components that ensure the peso bills are tamper-proof, has been cornered by companies represented by this businessman.


I got this information from an official of the Bangko Sentral ng Pilipinas (BSP).

Another source at the Department of Foreign Affairs (DFA) says the Chinese national, surnamed Chua, facilitates the supply and delivery of security papers and other components of Philippine passports.


What is dangerous, according to my sources, is that Chua has access to the database of all passport holders since he also represents a French company that supplies the government with passports.

This means, my sources say, he holds the source code to its database.

This source code, like the Commission on Elections source code for its PCOS machines, is supposed to ensure that the passport database is secure from any breach or manipulation of data.

The French company refuses to hand over to the Philippine government the source code despite the fact that they have been required to do so.

* *  *

If we worry about a possible invasion by China of our islands in the Spratlys, Chua’s activities in the country should be a cause for concern.

He not only controls the supply of our currencies, he also has access to information about all citizens who are passport holders, my sources say.


China need not invade us since it could easily sabotage the Philippine economy by flooding the market with spurious bills and allowing thousands of Chinese soldiers to enter the country using our own passports through this man.

In short, he is virtually a Trojan horse in the Philippines, according to my sources at the BSP and DFA.

* * *

It could be that fake bills are already circulating in the country and were used by politicians to buy votes during the just-concluded elections. This Chinese businessman allegedly has connections in high places.

Fugitives from justice could easily leave the country using his passports.

The Intelligence Service of the Armed Forces of the Philippines and National Intelligence Coordinating Agency should look into the activities of this man.

The two intelligence agencies should investigate officials of the BSP and DFA for awarding this Chinese national with multimillion dollar high-risk projects.

* * *

Cavite Chief Prosecutor Emmanuel “Manny” Velasco died of a massive heart attack early Monday.

Manny is the son of Epimaco Velasco, former National Bureau of Investigation  director, former Cavite governor and former interior and local governments secretary, who survives him.

Manny was a no-nonsense government prosecutor.

He will surely be missed.

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TAGS: Bangko Sentral ng Pilipinas, Chinese businessman, Chinese trader, Commission on Elections, Department of Foreign Affairs, Emmanuel “Manny” Velasco, obituary, Philippine economy, Philippine passports, Philippine peso bills
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