QuestionsQuestions (Republic Act No. 369)
RA 369 provides for the redemption of emergency and guerrilla currency notes that were registered and deposited under Republic Act No. 22, appropriates funds for the redemption, and sets rules on payment, rates, and related treatment of certain notes.
The notes must be subject to examination and segregation made by the provincial or city committees created under Section 9 of Republic Act No. 22.
Excluded are counterfeit notes; notes redeemed by the Japanese-sponsored government in the Philippines; and notes still held in trust by former Government officials and employees or officers of the USAFFE and the defunct Commonwealth Government in the field during enemy occupation, representing unexpended balances of their accountabilities in emergency and guerrilla currency funds prior to liberation, accepted for deposit and safe-keeping only.
100% for the first P500; 50% for amounts in excess of P500 up to P1,000; 30% for amounts in excess of P1,000 up to P10,000; and 15% for amounts in excess of P10,000.
It provides preference in payment in favor of holders of small amounts.
Redemption shall in no case be less than the maximum amount of the last preceding scale.
No. Section 2 states that the settlement is without prejudice to any further settlement which may be effected by virtue of any additional sum received from the United States as a result of posterior negotiations for further redemption of such issues.
They are first given value according to existing Treasury regulations on redemption of mutilated Treasury certificates, and then the redemption rates under RA 369 are applied to that determined value.
If they are not legally divorced or separated, their registered holdings are treated as one, and the redemption percentages are applied to the combined amount.
Redemption is effected by the corresponding provincial, city, or municipal treasurer, subject to rules and regulations prescribed by the Secretary of Finance.
The Secretary of Finance must announce the commencement date, which shall not be later than three months after the approval of RA 369.
No payment shall be made to the Philippine National Bank or its branches and agencies and to other government entities (including provincial, city, and municipal governments) without the approval of the President of the Philippines, and only after all deposits of private persons and entities under RA 22 have actually been settled.
The unredeemed balance is payable in treasury certificates of indebtedness collectible in twenty years.
So much amount as may be deemed actually necessary for operational expenses of the Emergency Currency Board to continue its duties under RA 22 and carry out RA 369 may be allotted out of the funds made available for redemption of registered emergency currency notes.