Redemption Payments and Redemption Rates
- Section 1(a) provides 100% redemption for holders of listed pre-surrender emergency currency issues, subject to the examination and segregation required in Section 1.
- Section 1(a) appropriates PHP 6,763,312.41 from the fiduciary fund received by the Government of the Philippines from the Government of the United States pursuant to Republic Act No. 33 for redemption of the listed pre-surrender issues.
- Section 1(a) further appropriates a sum as may be necessary, not exceeding PHP 18,000,000, from the National Treasury funds not otherwise appropriated.
- Section 1(a) provides a partial-redemption rule: if funds are unavailable for full redemption, any amount in excess of PHP 1,000 in any holding is redeemed when funds shall be available.
- Section 1(b) provides a graduated redemption scale of registered post-guerrilla notes with preference to holders of small amounts:
- 100% for the first PHP 500
- 50% for amounts in excess of PHP 500 up to PHP 1,000
- 30% for amounts in excess of PHP 1,000 up to PHP 10,000
- 15% for amounts in excess of PHP 10,000
- Section 1(b) applies a floor rule on boundary claims: if the claimed amount falls beyond any group scale enumerated but not beyond the succeeding scale, redemption shall be no less than the maximum amount of the last preceding scale.
- Section 1(b) appropriates PHP 43,236,687.59 from the fiduciary fund received from the United States pursuant to Republic Act No. 33 for redemption of the post-surrender issues.
Named Issuing Boards and Committees
- Section 1(a) lists these issuing boards/committees for pre-surrender emergency currency issues redeemed at 100%:
- Cebu Currency Committee (Chairman S. C. Miranda)
- Iloilo Currency Committee (Chairman G. S. Cervantes)
- Negros Occidental Currency Committee (Chairman J. V. Buenaventura)
- Masbate, Provincial Government of (Chairman M. S. Pecson)
- Negros Occidental Provincial Currency Committee (Chairman N. Encarnacion)
- Mountain Province Emergency Currency Board (Chairman R. Perido)
- Misamis Oriental Currency Committee (Chairman U. D. Laya)
- Lanao Currency Committee (Chairman P. Encarnacion)
- Nueva Vizcaya Emergency Currency Board (Chairman D. Quirino)
- Culion Emergency Currency Committee (Palawan) (Chairman H. W. Wade)
- Cebu Emergency Currency Board (Chairman B. T. del Bando)
- Isabela Emergency Legal Tender Currency Committee (Chairman G. Visaya)
- Mindanao Emergency Currency Board (Chairman T. Guingona)
- Leyte Emergency Currency Board (Chairman A. Santa Cruz)
- Section 1(b) lists these issuing boards/committees for registered post-guerrilla notes subject to the graduated redemption scale:
- Misamis Occidental Currency Committee (Chairman F. Pacana)
- Palawan Provincial Emergency Currency Committee (Chairman G. K. Abordo)
- Ilocos Norte Emergency Currency Board (Chairman R. Ablan)
- Zamboanga Emergency Currency Committee (Chairman F. Azcuna)
- Cagayan Currency Board (Chairman M. Adduru)
- Iloilo Currency Committee (Chairman J. Buenafe)
- Free Negros Military Currency Committee (Chairman E. S. Mata)
- Mindanao Emergency Currency Board (Chairman F. Saguin)
- Bohol Emergency Currency Board (Chairman D. Ramos)
- Negros Emergency Currency Board (Chairman A. Montelibano)
- Leyte Emergency Currency Board (Chairman E. Potente)
- Apayao Legal Tender Emergency Currency Committee (Chairman M. Ayochock)
- USAFFE or AUSA (Samar) Currency Board (Chairman P. V. Merritt)
- Municipal Issues, Palawan (Local Office)
- Free Samar Currency Committee (Chairman V. Dira)
- Negros Oriental Emergency Currency Committee (Chairman J. Valente)
- Free Samar Currency Board E. C. Chicano
Additional Settlement and Further Negotiations
- Section 2 provides that the settlement of guerrilla and emergency issues (pre- and post-surrender) is without prejudice to any further settlement.
- Section 2 allows further settlement using any sum of money the Government of the Philippines may receive from the Government of the United States through posterior negotiations for further redemption of the same issues.
Treatment of Mutilated Notes and Married Registrants
- Section 3 requires mutilated emergency and guerrilla currency notes to be given value under existing regulations of the Treasury of the Philippines concerning the redemption of mutilated Treasury certificates.
- Section 3 requires that redemption rates under Section 1 be applied after assigning value under the Treasury regulations for mutilated certificates.
- Section 3 treats the holdings of a husband and wife who registered separately as one combined holding when they are not legally divorced or separated.
- Section 3 applies the redemption percentages under Section 1 to the combined holdings of such non-divorced/non-separated spouses.
Redemption Administration and Timing
- Section 4 requires redemption, subject to rules and regulations prescribed by the Secretary of Finance, to be effected by the corresponding provincial, city or Municipal treasurer.
- Section 4 requires payment to owners to be made by the treasurers upon surrender by owners of the certificates of registration and deposit of emergency currency.
- Section 4 requires the Secretary of Finance to announce the date for the commencement of redemption.
- Section 4 sets a deadline for announcement: the commencement date must be announced not later than three months after the approval of this Act.
Approval Control on Payments
- Section 5 prohibits payment to the Philippine National Bank and its branches and agencies, and to other government entities, including provincial, city and municipal governments, without the approval of the President of the Philippines.
- Section 5 requires President approval before such payments and requires that payments occur only after all deposits of private persons and entities under Republic Act No. 22 have actually been settled.
Operational Expenses for the Emergency Currency Board
- Section 6 authorizes allotment of so much amount as may be deemed actually necessary for operational expenses of the Emergency Currency Board to continue its duties and functions under Republic Act No. 22.
- Section 6 limits the allotment to funds made available for the redemption of registered emergency currency notes.
Remaining Balance and Treasury Certificates
- Section 7 provides that any balance remaining unredeemed due to application of the redemption scales is payable in treasury certificates of indebtedness.
- Section 7 requires that these treasury certificates are collectible in twenty years.
Effectivity and Issuance Details
- Republic Act No. 369 is titled “AN ACT PROVIDING FOR THE REDEMPTION OF EMERGENCY AND GUERRILLA CURRENCY NOTES REGISTERED AND DEPOSITED UNDER THE PROVISIONS OF REPUBLIC ACT NUMBERED TWENTY-TWO, APPROPRIATING FUNDS THEREFOR, AND FOR OTHER PURPOSES.”
- Republic Act No. 369 was approved on June 10, 1949 and takes effect upon its approval under Section 8.