Settlement of obligations in Philippine currency

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Republic Act No. 8183: Settlement of obligations in Philippine currency

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Title Source: Supreme Court: Settlement of obligations in Philippine currency

Law: Republic Act No. 8183

Decision Date: Jun 11, 1996

Republic Act No. 8183 repeals a previous law and mandates that all monetary obligations in the Philippines must be settled in the Philippine currency, unless the parties agree otherwise, with an information campaign conducted to educate the public about the new law.

Law Summary

Repeal of Previous Law on Uniform Value of Currency

Republic Act No. 529, as amended, which was aimed at assuring the uniform value of Philippine coin and currency, is repealed.
This repeal signifies a legislative update or change in currency-related legal provisions.

Effectivity and Information Campaign

The Act becomes effective 15 days after its publication either in the Official Gazette or in two national newspapers with general circulation.
The Bangko Sentral ng Pilipinas and the Department of Finance are mandated to conduct an intensive information campaign about the effects of the Act to ensure public awareness and compliance.

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