POEA MEMORANDUM CIRCULAR NO. 02

: The European Single Currency is commonly known as the "Euro."
: Eleven of the fifteen member countries of the Euro-zone will initially use the euro.
: The UK, Sweden, Denmark, and Greece will not join the first wave of countries in the Euro-zone using the euro.
: Euro bills and coins will become the only legal tender on January 1, 2002.
: No, individuals and enterprises are not obliged to use the euro during the transitory period; use of the euro is optional.
: No, no contract can be modified as a result of the introduction of the euro.
: Payments can be expressed and made in francs and euros; credit card or check payments can be made in francs, the national currency, or euros if accepted by the payee.
: A checkbook in euros is required by the payor to pay in euros by check.
: The Ministers of Finance of the 11 Euro-zone countries in consultation with the European Central Bank are responsible for establishing and implementing exchange rate policy.
: The euro simplifies transactions by removing commissions for bank exchanges and allowing easier comparison of prices expressed in both national currencies and euros.