Entrepreneurs are reminded to be vigilant against counterfeit bills that may be used to buy goods and products at the height of festivities in the city.
The warning came from the Baguio Flower Festival Foundation, Inc., the organizer of the Panagbenga Flower Festival event, after a merchandiser at the Session Road in Bloom reported that a thousand-peso bill was used to buy goods and later on found to be counterfeit.
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 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, 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. ** JM Samidan
