Banker warns public against fake money

CEBU, Philippines - The public, small store owners and cashiers should be vigilant on the illegal trade of counterfeit bills which normally rises during the holiday season.

Cebu Bankers Club vice president Maximo Eleccion warned consumers on the proliferation and circulation of fake money which are circulated in the market. Aside from Christmas season, fake cash also thrive during elections.

Eleccion said ordinary people could actually identify fake bills through checking the quality of the paper and the way they are printed. The paper of real money is a bit rough while that of forged ones is smooth.

Through checking the two obvious characteristics, Eleccion noted, one can already tell whether a certain bill is real or forged.

“When real bills are crumpled, they still go back to their original form. But fake ones do not,”  the bank official explained to The FREEMAN while holding a P500 bill. “Original money is also very clear, the eyes [and the shape] of the person in it are well defined.”

He also told the public to know very well the security features to look out for in banknotes and the origin of the money as well.

The Bangko Sentral ng Pilipinas says the security thread which can be seen in older version of banknotes is still present in the new ones.

According to the central bank, the common watermark is still visible in the new Philippine peso bills. Watermark can be seen when the bill is raised against the light.

Other security features include iridescent band, scattered red and blue fibers and fluorescent printing.

“Every now and then, [fake money] producers are also trying to improve their skills in the production of fake bills,” he said.

Makers of fake money which are syndicates normally produce high-denomination banknotes such as P1000 and P500 because of their high value, he added.

People who are caught illegally trading fake bills are bound to face charges for violating Article 166 of the Revised Penal Code which disallows forgery of treasury bills and banknotes.

The CBC official advised shop owners especially sari-sari store traders to avoid accepting high-valued bills from buyers if the goods bought are just small in amount. (FREEMAN)