Question & AnswerQ&A (Republic Act No. 8183)
Republic Act No. 8183 is an act repealing Republic Act No. 529, as amended, which was entitled 'An Act to Assure the Uniform Value of Philippine Coin and Currency.' It mandates that all monetary obligations be settled in Philippine currency unless otherwise agreed by the parties.
Section 1 states that all monetary obligations must be settled in the Philippine currency, which is legal tender in the country. However, the parties involved may agree to settle the obligation or transaction in any other currency at the time of payment.
It repeals Republic Act Numbered Five Hundred Twenty-Nine (R.A. No. 529), as amended.
RA 529 was enacted to assure the uniform value of Philippine coin and currency.
It took effect fifteen (15) days after its publication in the Official Gazette or in two national newspapers of general circulation.
The Bangko Sentral ng Pilipinas (BSP) and the Department of Finance were tasked to conduct an intensive information campaign on the effect of this Act.
Yes, parties can agree that the obligation or transaction shall be settled in any other currency at the time of payment.
It means that Philippine currency must be accepted for monetary obligations, ensuring uniformity and legality of payment in domestic transactions.
The text of RA 8183 does not specify penalties for non-compliance.
It removes the previous law assuring uniform value of Philippine currency, thereby allowing flexibility in the settlement of monetary obligations, including the possibility of using foreign currencies if agreed by parties.