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PRESIDENTIAL DECREE NO. 168
PRESIDENTIAL DECREE NO. 168
- ON THE REPLACEMENT AND DEMONETIZATION OF THE CURRENCY NOTE ISSUE
OUTSTANDING AS OF JULY 1, 1973
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WHEREAS, in
line with the policy for replacement of old currency notes of the
Central Bank of the Philippines, fully guaranteed by the Government of
the Republic of the Philippines, and in furtherance of the objectives
of the New Society, it is deemed advisable and necessary to call in for
replacement all currency notes outstanding as of July 1,
1973; chanroblesvirtualawlibrary
WHEREAS, it is fitting and timely to replace the currency notes
outstanding on the said date with new ones of equivalent value which
shall bear or be overprinted with an appropriate legend identifying
them with the New Society and as a symbol of our faith and dedication
to the principles of reform and justice which underlie our continuing
program for upliftment of the masses of our people;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers in me vested by the Constitution as
Commander-in-Chief of all the Armed Forces of the Philippines and
pursuant to Proclamation No. 1081, dated September 21, 1972, and
General Order No. 1, dated September 22, 1972, as amended, and in order
to effect the desired changes and reforms in the social, economic and
political structure of our society, do hereby order and decree the
amendment of Republic Act No. 265, as follows:cralaw:red
Section 1. The currency note issue of the Central
Bank of the Philippines outstanding as of July 1, 1973 is hereby called
in for replacement commencing on the said date and shall be exchanged
by the Central Bank at par with notes which shall bear, or be
overprinted with, the legend "ANG BAGONG LIPUNAN". During the six-month
period beginning July 1, 1973, notes not yet surrendered for
replacement shall remain legal tender. After the expiration of this
period, the notes which have not been exchanged shall cease to be a
liability of the Central Bank and shall be demonetized. The Central
Bank shall likewise demonetize all the notes which have been
surrendered for replacement.
Section 2. The Monetary Board of the Central Bank of
the Philippines shall issue the regulations necessary for the
implementation of this Decree.
Section 3. All laws or parts of laws inconsistent
with the provisions hereof are hereby modified accordingly.
Section 4. This Decree, shall take effect
immediately.
Done in the City of Manila,
this 2nd day of April, in the year of Our Lord, nineteen hundred and
seventy-three.
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