Presidential Decree No. 734 (PD 734) — Authorizing Minors to Deposit with and Withdraw from Banks.
WHEREAS, it is the declared policy of the state to
encourage thrift and mobilize savings in banks as an instrument of
capital formation for economic growth;
WHEREAS, the national virtue of thrift is best attained by
inculcating in the youth the proper habit of savings; and
WHEREAS, under existing laws, minors are restricted in their
capacity to do acts with legal effect, thereby making their deposit and
withdrawal transactions binding but viodable contracts;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the
Philippines, by virtue of the powers vested in me by the Constitution,
in order to encourage our youth to save and participate in the economic
development efforts of our country, do hereby decree and order that:
SECTION 1. Minors who are at least seven years of age, are
able to read and write, have sufficient discretion, and are not
otherwise disqualified by any other incapacity, are hereby vested with
special capacity and power, in their own right and in their own names,
to make savings or time deposits with and withdraw the same as well as
receive interests thereon from banking institutions, without the
assistance of their parents or guardians, the provisions of existing
laws and regulations to the contrary notwithstanding. Parents may
nevertheless deposit for their minor children and guardians for their
wards.
SEC. 2. This Decree shall take effect immediately.
Done in the City of Manila, this 25th day of June, in the year of
Our Lord, nineteen hundred and seventy-five.
(Sgd.)
FERDINAND E. MARCOS
President
Republic of the Philippines
By the President:
(Sgd.)
ALEJANDRO MELCHOR
Executive Secretary
Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).
