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Republic Act
Approved June 11, 1996

Republic Act No. 8183

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."

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."

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In plain language

The act repeals Republic Act No. 529 and mandates that all monetary obligations be settled in Philippine currency, with optional settlement in other currencies upon agreement. It also establishes the effectivity period and requires an information campaign.

  • Repeal of RA 529
  • Mandate settlement in Philippine currency
  • Effectivity after 15 days of publication with information campaign
repeal
currency
monetary
Philippines

Tenth Congress

Republic Act No. 8183 June 11, 1996 Repealing [RA 529](../../../statutes/repacts/ra1950/ra_529_1950.html)

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."

Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:

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.

Section 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(R.A. No. 529), as amended entitled "An Act to Assume the Uniform Value of Philippine Coin and Currency," is hereby repealed.

Section 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

For information and research only, and not legal advice. This text may not reflect later amendments. For certified copies, refer to the Official Gazette or the issuing agency.