AMENDING PRESIDENTIAL DECREE NO. 168
ON THE REPLACEMENT AND DEMONETIZATION OF THE CURRENCY NOTE ISSUE OUTSTANDING
AS OF JULY 1, 1973
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;
WHEREAS, some of our people were
unable to exchange currency notes called in for the replacement on or before
the deadline date;
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:
"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 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."
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.