QuestionsQuestions (PRESIDENTIAL DECREE NO. 649)
To provide equitable relief to owners of lost, stolen, destroyed, or defaced interest-bearing government securities, especially bearer securities, where prior law offered relief mainly for non-bearer securities or those lost in the custody of the Government.
Section 1 of Republic Act No. 1533 is amended.
That an interest-bearing security issued by the Government (or its political subdivisions, instrumentalities, or wholly owned GOCCs) identified by number and description has been lost or stolen without the owner’s bad faith or gross negligence (and is not held as the owner’s property), or has been wholly/partly destroyed, or mutilated/defaced impairing its value to the owner.
The Central Bank of the Philippines, acting as fiscal agent.
Yes. Relief applies only when the loss, theft, destruction, or mutilation occurred without bad faith or gross negligence on the part of the owner.
If not yet matured or redeemable upon call, CBP may issue a duplicate bearing the same time to run, like interest, and marked to show the original number and date. If matured or redeemable, CBP may pay the owner, with interest only as would have been paid had the security been presented when due.
CBP shall issue a duplicate or make payment in line with paragraph (a) above (depending on whether the security has not matured/redeemed or has matured/redeemable).
The Postal Service is excluded when acting solely in its capacity as the public carrier of the mails.
When circumstances indicate the security has been destroyed or irretrievably lost and will never become the basis of a valid claim against the issuing Government entity or CBP, and a sufficient period of time has elapsed after the security matured or became redeemable upon call.
Payment of the face value of the security plus interest only as would have been paid had the security been presented when it became due and payable.
Because bearer securities can be negotiated to others and may create risks of duplicate claims; thus relief for bearer securities is conditioned on proof of irretrievable destruction/loss and that no valid future claim will arise.
CBP makes payment thereof to the owner, with interest only as would have been paid had the security been presented when it became due and payable.
The security must be identified by number and description.
All acts and parts of acts inconsistent with PD No. 649’s provisions are repealed or modified accordingly.
Immediately upon issuance (30 January 1975, as stated in the text).