Public warned on fake new peso bills

ABS-CBN News

Posted at Jul 21 2011 12:07 AM | Updated as of Jul 22 2011 12:06 AM

MANILA, Philippines – Although the new peso bills are not yet widely circulated, they already have counterfeit versions.

Authorities said they have found P20, P50, and P100 bills that are obviously fake since they look photocopied.

The Bangko Sentral ng Pilipinas (BSP) is confident that the public can tell the original and fake bills apart.

The BSP added that the new genuine bills have various security features, such as security threads and watermarks.

"It's not that alarming. Very dull ang pagkaka-kopya,” said Maja Garcia Malic, cash department manager of the BSP.

Aside from counterfeit money, fake products have also made their rounds in the country.

According to a study by the Intellectual Property Office, products from French brand Louis Vuitton rank as the top pirated goods in the Philippines.

Rounding up the list of top 10 brands and products illegally copied in the country are Lacoste, Oakley, Tribal, Jag, computer software, and ink cartridges.

From January until May this year, an estimated 1.8 million counterfeit products amounting to P1.71 billion have been confiscated by authorities. -- Report from Alvin Elchico, ABS-CBN News