NBI Director Nestor Mantaring said they seized from suspect Yung Sung Liu P5 million worth of fake P5 and P10 coins. Yung, who uses the aliases Asyong Lao and Chih-Chah Liu, was arrested at his house located in Barangay Dalandanan, Valenzuela.
"This is the first time that we have apprehended a syndicate manufacturing and selling Philippine coins," Mantaring said.
Violations of Article 163, or making and importing false coins, and of Article 165, or selling of false coins under the Revised Penal Code would be filed before the Department of Justice (DOJ).
The raid was conducted in coordination with the Bangko Sentral ng Pilipinas (BSP).
Mantaring said he believes the coins are already being circulated in the market, "but we do not know how widespread this is."
" The NBI-Field Operations Division (FOD), led by head agent Roland Argabioso, confiscated 112 plastic bags of fake P10 coins, 60 deformed counterfeit P10 coins, 200 fake P5 coins and 27 sacks of raw or blank coins.
They also confiscated an air compressor, JCM coin counter, scan coin counter, a set of P5 molding plates, dye cleaner, pressing and stamping machine, packaging and polishing machine and 200 fake P5 coins.
Aurora Cruz, BSP managing director, admitted that the reproduced coins are of "Class A" quality, meaning the public may not detect the fake coin especially in the dark.
BSP deputy governor Armando Suratos described the distinguishing features of the fake coins. "The sides are coarse or rough unlike the genuine coins, which are smooth; the words ‘Bangko Sentral ng Pilipinas’ and ‘Republika ng Pilpinas’ are bigger in size; and the profiles of the heroes are bigger and not as well defined."
A fake P10 coin will stick to a magnet because it is partly made of steel, while the genuine coin is composed of copper, nickel, aluminum and zinc. A genuine P5 coin is composed of copper and nickel.
Suratos said the BSP spends P3.12 for every legitimate P10 coin while the manufacturing cost for the fake one might be slightly lower.
Argabioso said the suspect sells P500 worth of fake coins for P450, and in the process earns P50.