NEWSFLASH

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MANILA MONEY CHANGERS CLOSED

Manila, Jan. 10, 1998 - Virtually all the money changing shops in the tourist belt of Ermita and Malate were padlocked on orders of Mayor Alfredo Lim yesterday for allegedly hoarding U.S. dollars.

Inspector Florentino Bagallon, chief of Manila City Hall's Anti-Crime and Inspection Office, said more than 40 such money changing shops were shut down yesterday and 50 more will be closed today.

"Their operators will be arrested if they try to resist," Bagallon warned. "We can revoke their licenses to conduct business anytime."

Police hammered wooden planks across the shops' doors and posted a "closed" sign on the shops.

Mayor Alfredo Lim has consistently warned money changing shops that he would close them down if there are complaints that they buy dollars but refuse to sell dollars to walk-in customers.

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