Settlement of obligations in Philippine currency

Settlement of obligations in Philippine currency

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Title 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.

uniform currency act

Repeal of prior law

Section 2 repeals Republic Act No. 529, as amended.
Section 2 identifies Republic Act No. 529 as “An Act to Assure the Uniform Value of Philippine Coin and Currency.”

Effectivity and publication

Section 3 provides that the Act takes effect fifteen (15) days after publication in the Official Gazette or in two (2) national newspapers of general circulation.
Section 3 directs the Bangko Sentral ng Pilipinas and the Department of Finance to conduct an intensive information campaign on the effect of the Act.

Issuance details

The law is Republic Act No. 8183 with the title “Settlement of obligations in Philippine currency.”
The Act is Approved, June 11, 1996.

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