Prohibition on Transactions Involving BPI Circulating Notes
- Executive Order No. 25 dated November 18, 1944, prohibited transactions involving BPI circulating notes.
- This measure was likely aimed at controlling and eventually phasing out the use of these notes.
Objective to Retire BPI Circulating Notes
- The purpose of the Executive Order is to retire all BPI circulating notes from public hands.
- Retiring the notes allows holders to exchange them and receive value, facilitating an orderly withdrawal of these notes from circulation.
Necessity of Registration and Deposit
- To create a viable plan for retiring the notes, it is essential to determine the total amount of BPI circulating notes held by the public.
- Registration and deposit are mechanisms designed to identify and account for these notes.
Mandatory Registration and Deposit Period
- All holders of BPI circulating notes have six months from the date of the Order (August 20, 1948) to present these notes for registration and deposit.
- Presentation must be made to the Treasurer of the Philippines or any provincial, city, or municipal treasurer.
Duties of Treasurers Regarding BPI Notes
- Treasurers at all levels are mandated to accept all BPI circulating notes presented to them.
- They must register the notes, securely keep them, and issue receipts containing:
- Name and address of the person registering the notes
- Serial numbers of the notes
- Denominations
- Amount of each denomination
- Total amount of notes registered
Forwarding and Reporting Procedures
- Provincial, city, and municipal treasurers must periodically forward all registered and deposited BPI notes to the Treasurer of the Philippines.
- They must provide a detailed list including serial numbers, denominations, and amounts.
- Within 15 days after the 6-month registration period, these treasurers must send a sealed list of all BPI notes still in their possession.
- Within 30 days after submitting this list, they must also physically present these notes to the Treasurer of the Philippines.
Reporting Obligations of the Treasurer of the Philippines and Secretary of Finance
- The Treasurer is required to report the total amount of registered and deposited BPI notes to the Secretary of Finance.
- The Secretary of Finance will consolidate and submit a similar report to the President of the Philippines.
Finality of Registration Period
- Any BPI circulating notes not registered and deposited within the six-month period are barred from subsequent acceptance for registration or deposit.
- This extinguishes the opportunity to exchange unregistered notes after the deadline.
Authority to Issue Rules and Regulations
- The Treasurer of the Philippines, with approval from the Secretary of Finance, is authorized to formulate and implement rules and regulations to enforce the Order effectively.
Effective Date and Official Signatories
- The Order was issued in Manila on August 20, 1948.
- Signed by President Elpidio Quirino and Executive Secretary Emilio Abello, thereby formalizing the directive.