Revaluation profits and losses on bank’s holdings of gold and foreign exchange.
Section 83
SEC. 83. Revaluation profits and losses on bank’s holdings of gold and foreign exchange.—Any revaluation profits realized or losses suffered by the banks on their net assets or liabilities in gold or freely convertible foreign currencies as a result of changes in the par value of the peso, in the legal parities between the Philippine peso and such foreign currencies, or in the Central Bank's exchange rates for such currencies, shall be for the account of the Central Bank in their entirety. The Monetary Board may at any time declare that revaluation profits or losses on banks' net holdings of any foreign currency other than those included under the provisions of the first paragraph of this section shall also be for the account of the Central Bank until such time as the Board gives notice to the contrary. Said notice shall be communicated, to the banks at least eight days before the date on which the revaluation risks cease to be for the account of the Central Bank, however, and shall apply only to acquisitions of the specified foreign currency subsequent to said date. The Board shall issue appropriate regulations to restrain the banks from increasing their holdings of the specified currency during the period from the date of the notice to the date on which it becomes effective". The Monetary Board shall issue such rules and regulations as may be necessary to administer the provisions of this section.