Law Summary
Purpose of Currency and Prohibition of Misuse
- Currency issued by the Central Bank is meant to serve as a medium of exchange.
- Using currency notes and coins for other purposes, especially acts that damage or misuse them, is considered disrespectful to the dignity of the national currency.
Prohibited Acts Regarding Currency
- It is unlawful for any person to willfully:
- Deface
- Mutilate
- Tear
- Burn (partially or fully)
- Destroy currency notes and coins issued by the Central Bank of the Philippines
- Such acts render the currency unfit for circulation and shorten its useful life.
Underlying Reasons for Prohibitions
- Damaging currency reflects poorly on the discipline of the Filipino people.
- It creates a negative image for the country both domestically and internationally.
Legal Authority for Enactment
- The decree is promulgated by the President of the Philippines using constitutional powers as Commander-in-Chief.
- It references specific proclamations and executive orders issued in 1972 and 1973 as the legal basis for the decree.
Penalties for Violation
- Any person found guilty of violating this decree shall face:
- A fine not exceeding twenty thousand pesos (₱20,000)
- And/or imprisonment for a period not exceeding five years
Effect on Conflicting Laws
- Any laws, orders, or regulations inconsistent with this decree are modified or repealed accordingly.
Effectivity
- The decree becomes law immediately upon its publication in a newspaper of general circulation.
- This ensures immediate enforcement and public awareness.
Final Provisions
- The decree is a part of the law of the land.
- Signed and promulgated in Manila, July 18, 1973, by then-President Ferdinand E. Marcos, with an assistant executive secretary's attestation.