President's name misspelled on currency

MANILA - Filipinos could have collectors' items in their wallets after a small number of 100-peso bills slipped into circulation with an error in the president's name.

The foul-up happened at a currency printer in Europe, which was making the bills in time for the Christmas spending spree in the Philippines.

On the front of the new 100-peso note, which is worth about $1.83, the last name of President Gloria Macapagal Arroyo is spelled "Arrovo," with a "v."

"Those that are out already are legal tender," a central bank official said. "We're not releasing more of them. We're having it investigated."

The number of bills mistakenly released was "insignificant" and some people had returned them, she added.

The central bank "has apologized to the president over the incident," Deputy Governor Amando Suratos said in a statement.

The peso, often hurt by political uncertainty, has been one of the best-performing currencies in Asia this year, hitting a six-month high of 54.30 to the dollar last week.

- REUTERS