Repealing R.A. No. 529, as amended (Uniform Currency Act)
Republic Act No. 8183, enacted on June 11, 1996, repeals Republic Act No. 529, which was aimed at ensuring the uniform value of Philippine coin and currency. Under this new law, all monetary obligations must be settled using Philippine currency, although parties may agree to use another currency at the time of payment. The Act will take effect 15 days after publication in the Official Gazette or two national newspapers. Additionally, the Bangko Sentral ng Pilipinas and the Department of Finance are tasked with informing the public about the implications of this law.
Law Information
- Reference Number
- Republic Act No. 8183
- Date Enacted
- Category
- Statutes
- Subcategory
- Republic Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
June 11, 1996
REPUBLIC ACT NO. 8183
AN ACT REPEALING REPUBLIC ACT NUMBERED FIVE HUNDRED TWENTY-NINE AS AMENDED, ENTITLED "AN ACT TO ASSURE THE UNIFORM VALUE OF PHILIPPINE COIN AND CURRENCY"
SECTION 1. All monetary obligations shall be settled in the Philippine currency which is legal tender in the Philippines. However, the parties may agree that the obligation or transaction shall be settled in any other currency at the time of payment. cd
SECTION 2. Republic Act Numbered Five Hundred Twenty-Nine (R.A. No. 529), as amended entitled "An Act to Assume the Uniform Value of Philippine Coin and Currency," is hereby repealed.
SECTION 3. This Act shall take effect fifteen (15) days after its publication in the Official Gazette or in two (2) national newspapers of general circulation. The Bangko Sentral ng Pilipinas and the Department of Finance shall conduct an intensive information campaign on the effect of this Act.
Approved: June 11, 1996
Published in Malaya and the Manila Times on June 20, 1996. Published in the Official Gazette, Vol. 92 No. 32 page 4935 on August 5, 1996.
Cite This Law
Repealing R.A. No. 529, as amended (Uniform Currency Act), Republic Act No. 8183, Jun 11, 1996 (Philippines)
Repealing R.A. No. 529, as amended (Uniform Currency Act), Republic Act No. 8183 (Phil. 1996)
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