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Panagbenga merchants warned vs circulation of fake P1K bills

Artemio Dumlao - Philstar.com
Panagbenga merchants warned vs circulation of fake P1K bills
File photo of P1,000 bills.
The STAR / File

BAGUIO CITY — Counterfeit P1,000 bills might be circulating around the Baguio Flower Festival’s (Panagbenga) famous promenade area “Session Road in Bloom”.

This prompted the festival organizer — Baguio Flower Festival Foundation, Inc.—to issue warnings for entrepreneurs to be vigilant against counterfeit bills that may be used to buy goods and products at the height of festivities in the city.

A merchandiser at the Session Road in Bloom reported that a P1,000 bill was used to buy goods and later on found to be fake, the BFFI confirmed.

Following the incident, the BFFFI Media Secretariat issued an advisory warning the merchandisers to check legitimacy of the bills they receive from their buyers in exchange of goods and products.

BFFFI Frederico Alquiros said that if a counterfeit bill was used to dupe one merchandiser, there's a possibility that there may be other fake bills going around in the city.

“If we are not vigilant enough, the circulation of counterfeit money could go on with Baguio City being a top tourist destination. They could continue victimizing local entrepreneurs,” Alquiros warned.

During the Christmas season, the Baguio Tourism Council reported incidents involving fake bills at the Christmas Market at the Rose Garden, Burnham Park with as much as P32,000 worth of counterfeit bank notes.

Following the said incident, Baguio Mayor Benjamin Magalong advised merchants and the public in general to be vigilant and to employ safeguards against the circulation of fake bills observed to have become rampant with the holiday season. 

The mayor advised businessmen to familiarize themselves and their staff with the distinguishing marks of the fake and genuine bank notes. 

"Always check the money you are receiving. Fake and genuine bills can be identified through the embossed markings, watermarks and the picture of three people on the money.  Please be guided by the Bangko Sentral ng Pilipinas (BSP) advisory," the mayor advised. 

Under Republic Act No. 10951, counterfeiting of Philippine money is punishable with imprisonment of at least 12 years and 1 day and fines not exceeding P2 million.

vuukle comment

BAGUIO CITY

BENJAMIN MAGALONG

BSP

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