Public warned of fake bills during polls

CEBU, Philippines — As the election campaign period has started, the public is being warned against the proliferation of fake bills.

Cebu Bankers Club president Neil Darwin Credo, in an interview, cautioned that counterfeit banknotes usually circulate during the election season.

Circulation of money usually rises during election because of vote buying activities of politicians.

Senatorial and provincial elections in the Philippines are set come May 14.

"We advise everyone to be vigilant not just during election but it's an everyday matter," said Credo.

He said the banking sector has been coordinating with authorities from time to time to keep track the sources of fake bills.

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.

Credo noted both bankers and non-bankers dealing with money are usually trained how to detect fake bills.

The public must particularly be careful of bills with higher denominations such as P100, P200, P500 and P1000 because these are the ones mostly reproduced by counterfeiters.

To protect themselves from counterfeit notes, the public should examine each note that they receive from any person and determine the authenticity of the note.

One of the security features of Philippine peso bills is the security thread which is still present in the new bills.

The common watermark is also still visible in the new Philippine peso bills. Watermark can be seen when the bill is raised against the light.

The public is advised to check the security features of the bills such as the watermark, the serial number which must not have the same measurements, and it must contain security thread.

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

Fake money makers normally produce high-denomination banknotes such as P1000 and P500 because of their high value.