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This is not a "counterfeit" bill because it is not a representation of actual currency that exists in genuine form. All the maker would need to do is print "not legal tender" on the note, and it would just be the equivalent of stage money. There is no P10,000 note in circulation. Every Filipino knows that, so this could only dupe a foreigner arriving at the airport.
No doubt some laws are being broken, but I think there is a reasonable defense against an accusation of counterfeiting.
This is not a "counterfeit" bill because it is not a representation of actual currency that exists in genuine form. All the maker would need to do is print "not legal tender" on the note, and it would just be the equivalent of stage money. There is no P10,000 note in circulation. Every Filipino knows that, so this could only dupe a foreigner arriving at the airport.
No doubt some laws are being broken, but I think there is a reasonable defense against an accusation of counterfeiting.
I was thinking this as well as would anyone who spent anytime in the Philippines. It's like a $1million dollar bill in the USA because it doesn't exist at all. The vast majority of businesses out in the provinces can't even get change for a 500 peso note half the time without having someone go get change from somewhere. What would they do with a 1000 or 10000 peso note?
Well believe it or not, two expats on other forums I am on have told me they ended up with some and two more expats who I email back and forth with have as well, so because they do not and never had made p10,000 is the exact reason some people must have felt that the Philippines came out with them and I have been told they look very real, so no doubt professionally made.
As far as what would anyone do with p1,000 notes, I spend those just about daily whenever we are living in the Philippines and IMO there is a need for p5,000 or p10,000 notes for when a person makes a large cash purchase, such as a used vehicle, since few people trust bank managers checks nowadays because they too have been forged. BTW p1,000 equals close to $20 US. https://www.xe.com/currencyconverter...rom=USD&To=PHP
As I understand the situation the 1,000 peso note is the predominate fake bill in the Philippines. A lot of the people who try to pass them off avoid using them in larger stores but prefer to hit the Mom and Pop Sari Sari stores. There are a number of ultra violet devices on the market that can detect these bills and their lack of water marks and other distinguishing features. I’m also told that the fake peso note is just slightly smaller than the real one but not obvious unless you really examine them very closely.
I can't think of any way a person could possibly get one of these. Certainly not in change. Certainly nor from an ATM or a bank teller. A 10,000 peso note is about $200 USD, and it would be nearly the largest banknote in circulation in the world. Few people have actually seen a larger one, like the Canadian 1,000 or the 500 euro, both of which are being withdrawn..
It would seem that the only victims might be foreigners duped by unscrupulous money changers.
Another thought -- Maybe drug dealers have agreed (there's honor among thieves) to recognize the fake bills as transaction money. A few of them might have leaked out into the public, so they made them look like "counterfeits" to mask their use as an underground currency.
Anyone who got these 10,000-peso bill should be able to pinpoint the source where they got these from. As mentioned, one can't possibly get these from change. Even if they believed that it is a newly issued banknote, one can't just simply forget where they exchanged US$200 worth in money or if someone paid them that amount.
PHP10,000 is not exactly a huge amount, but there's been a shift in most countries recently to discourage use of high-value banknotes. China has a problem with counterfeit 100-renminbi notes (the largest denomination there and worth only about US$15), but in the last couple of years, hardly anyone uses cash there. India demonetized their 500-rupee and 1000-rupee notes about two years ago, and again, 1000 rupees is only worth about US$15. The 1000 Canadian dollar and 500 euro notes are also being withdrawn out of circulation. One of the largest denomination note I got is the 1000 Singaporean dollars (worth more than US$700). And almost all restaurants and retailers in Singapore refused to accept it. I had to change it to smaller bills the next morning, as it's like having no local cash.
Always some kind of scam in the Philippines. Just one scam tot he next. Philippines.
Did they ever get the “bullet” scam resolved at Manila Intl Airport? The Philippine equivalent of the TSA was randomly planting bullets in incoming luggage. Passengers were advised ammo was found and they faced fines and jail time. Told that if they gave an official a “tip” they could make the matter go away. At one point people were shrink wrapping and duct taping their luggage to foil crooked security people from tampering.
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