A total of 33 cartons full of fake US Federal Treasury notes bearing denominations of 500 million dollars and 100 million dollars have been found in a warehouse in Manila.

The Philippine National Bureau of Investigation (NBI) said on Wednesday that it seized these counterfeit notes last week after receiving a tip from informant, the ABS-CBN news channel reported.

However, the NBI said no arrests were made on the spot, adding that it was hunting two suspects identified only as W.F. Grubl and Keith P. Leblanc. Investigators declined to give further details.

In May this year, the US government warned about forged US securities made by Philippine criminal groups which were trying to pass them off as treasury paper issued during the World War II to help raise money for the anti-Japanese Filipino guerrillas.