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PRESIDENTIAL DECREE NO. 378
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PRESIDENTIAL DECREE NO. 378 -
AMENDING 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,
the period of exchanging the currency note issue of the Central Bank of
the Philippines outstanding as of July 1, 1973 with "Ang Bagong
Lipunan" notes ended on January 2, 1974 under Presidential Decree No.
168 dated April 2, 1973; chanroblesvirtualawlibrary
WHEREAS, some of our people were unable to exchange currency notes
called in for the replacement on or before the deadline date;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me 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, do hereby
order and decree that Section 1 of Presidential Decree No. 168 is
hereby amended to read as follows:cralaw:red
"Sec. 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 THIS PERIOD, THEY SHALL CEASE TO BE LEGAL
TENDER BUT MAY BE EXCHANGED AT PAR AND WITHOUT CHARGE IN THE CENTRAL
BANK AND BY AGENTS DULY AUTHORIZED BY THE CENTRAL BANK FOR THIS PURPOSE
UP TO FEBRUARY 28, 1974. AFTER THE LATTER DATE, the notes which have
not been exchanged shall cease to be a liability of the Central Bank
and shall likewise be demonetized. The Central Bank shall likewise
demonetize all the notes which have been surrendered for
replacement." chanroblesvirtualawlibrary
This Decree shall take effect immediately.
Done in the City of Manila,
this 21st day of January, in the year of Our Lord, nineteen hundred and
seventy-four.
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