It is the second time in less than a month that a Philippine official has made a fake currency and sold it for a profit.
The Philippines had been the world’s biggest exporter of fake currencies until the United States began to enforce sanctions against the country.
It had been a thriving business.
But that was about to change.
On January 1, President Rodrigo Duterte announced that his administration was suspending the exchange rate regime that had been in place since the early 1990s, saying that the country needed to focus on “reform, reforms and reforms” instead.
The move was meant to curb corruption, but it has also created a new market for fake currencies.
Fake currencies have proliferated since Duterte took office in June last year, with hundreds of thousands of dollars worth of fake Philippine pesos being sold online.
This year, the Philippine government also announced that it would impose a 30% levy on foreign currency transactions, which it says will help finance the country’s massive deficit.
The US has been a major buyer of Philippine fake currencies since Trump announced his presidency in January, after his election victory.
In November, the US Treasury Department slapped the Philippines with sanctions that imposed asset freezes and restrictions on visas.US President Donald Trump holds up a copy of his controversial travel ban, which temporarily barred all citizens of seven Muslim-majority countries from entering the US.
Photo: Associated PressA US law enforcement official told Reuters that the US is still assessing the new US sanctions and said they could take “years” to be fully implemented.
The law enforcement officials said the sanctions were meant to target the corrupt and corrupt organizations that are involved in the smuggling of counterfeit Philippine peso into the US, and that it was not clear whether the US would pursue the new measures against the Philippine central bank.
The officials were not authorized to speak to the media and demanded anonymity.US Secretary of State Rex Tillerson, who visited Manila in January to discuss the US-Philippine relationship, said in a statement that the Philippines had a long history of engaging with the US on the trade and economic relationship, and there was no need to change the rules now.
“We have a long-standing and very productive relationship with the Philippines,” Tillerson said.
“We are continuing to see that relationship flourish, with our people doing the right thing.”US sanctions against China have also come under increasing scrutiny in recent months, following Trump’s decision to slap a $1.3 trillion trade sanctions on the country for allegedly stealing intellectual property from US companies.
The Philippines was one of several countries that had previously imposed sanctions against Chinese companies and officials for allegedly using intellectual property to make products and services in violation of US laws.
The US and its allies accuse China of waging a “race to the bottom” in the global trade of intellectual property.
Trump has repeatedly said that China is stealing American intellectual property and is not doing enough to protect it.
The administration has also argued that China, like other nations, must do more to crack down on illicit financial flows and drug trafficking.
“The US and other countries that have sanctions against us have not been doing a very good job of policing the illicit flow of money and goods into the country,” Tillerson told reporters last month.
“They’re going to have to do a better job of it.”
The Philippine government has repeatedly denied that its monetary policy is designed to boost economic growth.
The new US measures, however, have had a major impact on the financial sector in the country, with banks, hedge funds, and other businesses struggling to make payments.
“If you have a good credit rating, you can do this business,” said Antonio Trillanes, a director of a Philippines investment bank.
“But if you have bad credit, you cannot do this.”
The financial sector has been hit especially hard by the imposition of the new sanctions.
“There’s been a big reduction in foreign exchange activity,” said Trillaysay.
“A lot of the investment activity has been in Philippine pesetas.
And they’re going back to dollars.”