The Bacolod City Police Office turned over P8,000 in counterfeit 500-peso bills to the Bangko Sentral ng Pilipinas on Wednesday, a report by the Philippine News Agency said.
The fake money was found in a local public market, the police said.
A Bangko Sentral certification confirmed the bills to be counterfeit, according to the city government. The 16 bills had identical serial numbers, officials said.
Mayor Alfredo Abelardo Benitez warned residents about the fake currency last week after a market supervisor reported finding counterfeit bills.
Several vendors said they had also received fake money, he said. Police are investigating the source of the counterfeit bills.
Benitez urged residents to be vigilant.