MALACAÑANG
MANILA
BY THE PRESIDENT OF THE PHILIPPINES
EXECUTIVE ORDER NO. 166
REQUIRING THE REGISTRATION AND DEPOSIT OF
BANK OF THE
PHILIPPINE ISLANDS CIRCULATING NOTES
WHEREAS, prior to the war
circulating notes
of the Bank of the Philippine Islands were allowed to circulate as
money;
WHEREAS, Executive Order No. 25, dated November 18, 1944, prohibits
transactions in circulating notes of the Bank of the Philippine Islands;
WHEREAS, it is desirable to retire all
Bank of the
Philippine Islands circulating notes and thereby enable the holders thereof
to receive value therefor; and
WHEREAS, in order that a plan may be devised for carrying out the
above purpose, it is necessary to determine the aggregate amount of
circulating notes of the Bank of the Philippine Islands in the hands of the
public;
NOW, THEREFORE, I, Elpidio Quirino, President of the Philippines,
by virtue of the powers vested in me by the Constitution and laws of the
Philippines, do hereby order and direct:
1. Within a period of six months from the date of this Order every
holder of Bank of the Philippine Islands circulating notes shall present
such circulating notes in his possession to the Treasurer of the
Philippines, or to any provincial, city, or municipal treasurer, for
registration and deposit. It shall be the duty of the Treasurer of the
Philippines and of all provincial, city, and municipal treasurers to accept
all such Bank of the Philippine Islands circulating notes, to register and
safely keep the same, and to issue receipts therefor, stating the name and
address of the person registering said notes, the serial numbers thereof,
their denominations, the amount of each denomination and the total amount.
2. The provincial, city, and municipal treasurers concerned shall
forward to the Treasurer of the Philippines all
Bank of the Philippine
Islands circulating notes registered and deposited with them from time to
time, together with a list showing the serial numbers of such circulating
notes, their denominations and total amounts. Within 15 days from and after
the lapse of the period provided for the registration and deposit of such
Bank of the Philippine Islands circulating notes, the provincial, city, and
municipal treasurers shall prepare and transmit to the Treasurer of the
Philippines in a sealed cover a list of all such
Bank of the Philippine
Islands circulating notes in their possession as of the last day of the
registration period, and within 30 days from the date of the submittal of
the list they shall present to the Treasurer of the Philippines all
Bank of
the Philippine Islands circulating notes contained in said list. Thereafter,
it shall be the duty of the Treasurer of the Philippines to submit a report
to the Secretary of Finance of the total amount of
Bank of the Philippine
Islands circulating notes registered and deposited as hereinabove provided,
and of the Secretary of Finance to submit a similar report to the President
of the Philippines.
3. All Bank of the Philippine Islands circulating notes not
registered and deposited as hereinabove provided within the period of six
months from the date of this Order shall not thereafter be accepted for
registration and deposit.
4. The Treasurer of the Philippines, with the approval of the
Secretary of Finance, is hereby authorized to issue the necessary rules and
regulations to give force and effect to the provisions of this Order.
Done in the City of Manila, this 20th day of August, in the year of
Our Lord, nineteen hundred and forty-eight, and of the Independence of the
Philippines, the third.
(Sgd.) ELPIDIO QUIRINO
President of the Philippines
By the President:
(Sgd.) EMILIO ABELLO
Executive Secretary