WHEREAS, it
is the declared policy of the state to encourage thrift and mobilize
savings in banks as an instrument of capital formation for economic
growth;chanroblesvirtualawlibrary
WHEREAS, the national virtue of thrift is best attained by inculcating
in the youth the proper habit of saving; and
WHEREAS, under existing laws, minors are restricted in their capacity
to do acts with legal effect, thereby making their deposit and
withdrawal transactions binding but voidable contracts;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution, in order to
encourage our youth to save and participate in the economic development
efforts of our country, do hereby decree and order that:cralaw:red
Section 1. Minors who are at least seven years of
age, are able to read and write, have sufficient discretion, and are
not otherwise disqualified by any other incapacity, are hereby vested
with special capacity and power, in their own right and in their own
names, to make savings or time deposits with and withdraw the same as
well as receive interests thereon from banking institutions, without
the assistance of their parents or guardians, the provisions of
existing laws and regulations to the contrary notwithstanding. Parents
may nevertheless deposit for their minor children and guardians for
their wards. chanroblesvirtualawlibrary
Section 2. This Decree shall take effect immediately.
Done in the City of Manila,
this 25th day of June, in the year of Our Lord, nineteen hundred and
seventy-five.
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