BSP warns Ilonggos vs. fake bills this holiday season

The Bangko Sentral ng Pilipinas (BSP) in Iloilo reminded the public yesterday to be vigilant against counterfeit bank notes that might be introduced into circulation this holiday season.

Lowen Andrew Ligad, bank officer II of BSPIloilo, said in an interview that although there is no recorded case of fake bills in Iloilo this month, the public should still be wary.

“We advise the public to be careful, aware and vigilant in terms of counterfeit notes because we know it cannot totally be eradicated in the circulation. Christmas is coming. We are looking for those people or the parties that are vulnerable and they are not aware of their surroundings,” Ligad said.

He particularly warned those who sell commodities in this city's downtown area where consumers flock for their Christmas shopping.

“Those who are selling fruits and other smalltime businesses (in the downtown area), they should be careful because they are vulnerable directly to counterfeiters,” he said.

Those who will be caught possessing fake bills are accountable to law based on the Revised Penal Code, Ligad said.

Meanwhile, the BSPIloilo assured that there is enough supply of cash in this city and the province of Iloilo.

“We have ample supply of bank notes here in the circulation so we do not need to worry but we encourage the public to not wait for the time that they should rush up,” he said, adding that the public should properly plan their cash withdrawals, payments, and other bank transactions to avoid hassle.

The public should also withdraw cash in a wellventilated and well-lighted Automated Teller Machine (ATM) for their security, he said.