ON THE REPLACEMENT AND DEMONETIZATION OF THE
CURRENCY NOTE ISSUE OUTSTANDING AS OF JULY 1, 1973.
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;
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;
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:
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.
(Sgd.) FERDINAND E. MARCOS
President of the Philippines
By the President:
(Sgd.) ROBERTO V. REYES
Assistant Executive
Secretary