REPUBLIC OF THE PHILIPPINES
OFFICE OF THE
PRESIDENT
MANILA
BY THE PRESIDENT OF THE REPUBLIC
OF THE
PHILIPPINES
PROCLAMATION NO. 5
ANNOUNCING THE ASSUMPTION BY THE REPUBLIC OF THE PHILIPPINES OF THE
OBLIGATION OF REDEEMING NOTES ISSUED BY THE BANK OF THE PHILIPPINE ISLANDS
STILL REMAINING IN CIRCULATION.
WHEREAS, the Bank of the Philippine Islands, in accordance with the
authority granted under its charter (Act No. 1790, as amended). issued
circulating notes of various denominations;
WHEREAS, under Article XXXI of its charter, the Bank of the
Philippine Islands was required to maintain a reserve fund and to pay
certain annuities to be available for the redemption of the notes of said
Bank;
WHEREAS, for the purposes of the requirements of said Article XXXI
of its charter, Executive Order No. 111 was issued on December 14, 1942, by
the Chairman of the former Executive Commission, requiring the Bank, among
others, to deposit with the National Treasurer certain sums for the
redemption of its outstanding circulating notes;
WHEREAS, in compliance with the provisions of said
Executive Order
No. 111, the Bank of the Philippine Islands has deposited the amounts
required therein, which are now held by the National Treasurer to the credit
of a special fund denominated “Notes of the Bank of the Philippine Islands
Redemption Fund,” and are available exclusively for the redemption of said
notice; and
WHEREAS, the bulk of the circulating notes issued by the Bank have
already been redeemed and the outstanding circulating notes of the Bank of
the Philippine Islands at the inception of the present administration
amounted only to one million three hundred and fifty thousand pesos;
Now, therefore, I, Jose P. Laurel, President of the Republic of the
Philippines, do hereby proclaim that the Republic of the Philippines hereby
assumes the obligation of redeeming upon their presentation any notes of the
Bank of the Philippine Islands remaining in circulation: Provided,
however, That the Government does not assume any obligation with regard
to the notes issued by said Bank under the name of “Banco Español-Filipino.”
The Minister of Finance is hereby authorized to issue rules and
regulations prescribing the manner for the redemption of said circulating
notes, and for this purpose, and with a view to avoiding the possibility of
having spurious or counterfeit notes redeemed, he may make the necessary
arrangements with the Bank of the Philippine Islands or other competent
entities, whereby such notes may be redeemed through said Bank or other
entities.
Any person holding or keeping in his possession any circulating
notes issued by the Bank of the Philippine Islands shall present said notes
for redemption in accordance with the procedure to be prescribed by the
Minister of Finance, within a period of ninety days from the date of the
issuance of this proclamation in the case of residents within the City of
Manila, and within one hundred eighty days in the case of residents outside
the City of Manila. Failure to present such notes for redemption within the
period herein specified shall bar the holder thereof from the benefits of
redemption.
In witness whereof, I have hereunto set my hand and caused the seal
of the Republic of the Philippines to be affixed.
Done in the City of Manila, this third day of December, in the year
of Our Lord, nineteen hundred and forty-three, and of the Republic of the
Philippines, the first.
(Sgd.) JOSE P. LAUREL
President of the Republic
of the Philippines
By the President:
(Sgd.) JOSE G. SANVICTORES
Acting
Executive Secretary