Parties of foreign currencies with respect to the peso.
Section 50
SEC. 50. Parties of foreign currencies with respect to the peso.— The legal parties of foreign currencies with respect to the Philippine peso shall be determined as follows: (a) Currencies of countries which are members of the International Monetary Fund shall have their parities with respect to the peso established on the basis of their par values as announced by said Fund. If the par value of the currency of a member country has not been announced, the parity of such currency with respect to the peso shall be calculated on the basis of the exchange rates for that currency in foreign markets. If there is divergence among the rates quoted in foreign markets, the Monetary Board shall determine which rates shall be employed for the calculation of parity. (b) Currencies of countries which are not members of the International Monetary Fund shall have 'their parities with the peso established on the basis of their gold or United States, dollar equivalents, provided such currencies are freely and effectively convertible into gold or dollars. Whenever the currency of any such country is not so convertible its parity with the peso shall be calculated on the basis of the exchange rates for that currency in foreign markets. If there as divergence among the rates quoted in foreign markets, the Monetary Board shall determine which rates shall be employed for the calculation of parity. The Central Bank shall determine, in conformity with the provisions of this section, and shall publish regularly, the legal parities of the foreign currencies of importance in the international transactions of the Philippines. The Central Bank may also specify the parity of any foreign currency not included in the published list of parities. The parities published or specified by the Central Bank shall be recognized as the legal parities for all purposes.