WHEREAS, the period for 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; and
WHEREAS, some of our people were unable to exchange the
currency notes called in for replacement on or before the deadline date;
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, 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 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.
(Sgd.) FERDINAND E. MARCOS
President
Republic of the Philippines
By the President:
(Sgd.) ROBERTO V. REYES
Assistant Executive Secretary
In order to facilitate the implementation of Presidential
Decree No. 378, the Central Bank of the Philippines issued the
following:
Circular No. 398, Series of 1974, on the exchange of currency
notes not replaced on or before January 2, 1974; and
Circular No. 402, dated April 5, 1974, on the confiscation
and disposition of demonetized notes.