AN
ACT REPEALING REPUBLIC ACT NUMBERED FIVE HUNDRED TWENTY-NINE AS
AMENDED,
ENTITLED "AN ACT TO ASSURE THE
UNIFORM VALUE OF PHILIPPINE COIN AND
CURRENCY."
chan
robles virtual law library
chan
robles virtual law library
Section
1. All monetary obligations
shall be settled in the Philippine currency which is legal tender in
the
Philippines. However, the parties may agree that the obligation or
transaction
shall be settled in any other currency at the time of payment.
chan
robles virtual law library
Sec.
2. Republic Act Numbered
Five Hundred Twenty-Nine (R.A. No. 529), as amended entitled "An
Act
to Assume the Uniform Value of Philippine Coin and Currency," is
hereby
repealed. chan
robles virtual law library
Sec.
3. This Act shall take
effect fifteen (15) days after its publication in the Official Gazette
or in two (2) national newspapers of general circulation. The Bangko
Sentral
ng Pilipinas and the Department of Finance shall conduct an intensive
information
campaign on the effect of this Act.
Approved:
June
11, 1996
