RA 7653 Section 59

Issue of Demand Deposits.

Section 59

SEC. 59. Issue of Demand Deposits. — Only banks duly authorized to do so may accept funds or create liabilities payable in pesos upon demand by the presentation of checks, and such operations shall be subject to the control of the Monetary Board in accordance with the powers granted it with respect thereto under this Act.

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CitationRA 7653 Section 59 (LawPlayer, data as of 2026-07-04)

Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).

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