AUTHORIZING MINORS TO DEPOSIT WITH AND WITHDRAW FROM BANKS.

• Number: Presidential Decree No. 734
• Sections: 3

Preamble

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

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.

Section 2

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