H. No.

S. No.

Republic of the Philippines

Congress of the Philippines

Metro Manila

First Regular Session

Begun and held in Metro Manila, on Monday, the twenty-fourth day of July, nineteen hundred and ninety-five.

[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”

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.

SEC. 2. Republic Act Numbered Five Hundred Twenty-Nine (R. A. No. 529), as amended, entitled “An Act to Assure the Uniform Value of Philippine Coin and Currency.” is hereby repealed.

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

This Act which is a consolidation of Senate Bill No. 1081 and House Bill No. 6059 was finally passed by the Senate and the House of Representatives on June 6, 1996 and June 5, 1996, respectively.

Approved: JUN 11 1996

(Sgd.) FIDEL V. RAMOS


President of the Philippines

Source:


Presidential Management Staff