Preamble
WHEREAS, during the period of Japanese invasion of the Philippines, the Japanese issued fiat pesos, commonly referred to as Japanese Military notes, and compelled their circulation at parity with legitimate Philippine currency; WHEREAS, these fiat pesos were used as means of payment for obligations which were incurred or contracted prior to and during the Japanese invasion; WHEREAS, these fiat pesos upon the liberation of the Philippines were officially declared to have no value as monetary instruments and not to be legal tender; and WHEREAS, the public interest requires that a definite determination of debtor-creditor problems arising from the issuance and circulation of these fiat pesos be made in order to restore sound economic conditions in the Philippines; Now, therefore,