AN ACT PROVIDING FOR THE REDEMPTION OF
EMERGENCY AND GUERRILLA CURRENCY NOTES
REGISTERED AND DEPOSITED UNDER THE PROVISIONS OF
REPUBLIC ACT NUMBERED TWENTY-TWO,
APPROPRIATING FUNDS THEREFOR, AND FOR OTHER PURPOSES
Section 1. Subject to the examination and segregation made
by the provincial or city committees created under the provisions of section
nine of Republic Act Numbered Twenty-two,
holders of certificates of registration and deposit of
emergency and guerrilla currency notes
duly and properly issued to them by the registering officials designated under
the aforesaid Act, except notes which are counterfeit or were redeemed by the
Japanese-sponsored government in the Philippines or those still held in trust by
former Government officials and employees or officers of the USAFFE and of the
defunct Commonwealth Government in the field during the enemy occupation
representing unexpended balances of their accountabilities in emergency and
guerrilla currency funds prior to the liberation and which were accepted for
deposit and safe-keeping only, shall be entitled to the payment of their
holdings as follows:
(a) For holders of the following pre-surrender
emergency
currency issues, one hundred per centum:
Name of Issuing Board or Committee Name of Chairman
1. Cebu Currency Committee S. C. Miranda
2. Iloilo Currency Committee G. S. Cervantes
3. Negros Occidental Currency
Committee J. V. Buenaventura
4. Masbate, Provincial Government
of M. S. Pecson
5. Negros Occidental Provincial
Currency Committee N. Encarnacion
6. Mountain Province Emergency
Currency Board R. Perido
7. Misamis Oriental Currency
Committee U. D. Laya
8. Lanao Currency Committee P. Encarnacion
9. Nueva Vizcaya Emergency
Currency Board D. Quirino
10. Culion Emergency Currency
Committee (Palawan) H. W. Wade
11. Cebu Emergency Currency Board B. T. del Bando
12. Isabela Emergency Legal Tender
Currency Committee G. Visaya
13. Mindanao Emergency Currency
Board T. Guingona
14. Leyte Emergency Currency
Board A. Santa Cruz
For the redemption of the foregoing pre-surrender issues,
the sum of six million seven hundred sixty-three thousand three hundred twelve
pesos and forty-one centavos is appropriated from the fiduciary fund received by
the Government of the Philippines from the Government of the United States
pursuant to Republic Act Numbered Thirty-three, and, in addition thereto, such
sum as may be necessary, not exceeding eighteen million pesos, is appropriated
out of any funds in the National Treasury not otherwise appropriated: Provided,
however, That in case of unavailability of funds for the redemption in full of
said issues, any amount in excess of one thousand pesos in any holding shall be
redeemed when funds shall be available.
(b) For holders of the following registered
post-guerrilla
notes one hundred per centum for the first five hundred pesos; fifty per centum
for all amounts in excess of five hundred pesos up to one thousand pesos; thirty
per centum for all amounts in excess of one thousand pesos up to ten thousand
pesos; and fifteen per centum for all amounts in excess of ten thousand pesos,
with preference to the payment in favor of holders of small amounts:
Name of Issuing Board or Committee Name of Chairman
1. Misamis Occidental Currency
Committee F. Pacana
2. Palawan Provincial Emergency
Currency Committee G. E. Abordo
3. Ilocos Norte Emergency
Currency Board R. Ablan
4. Zamboanga Emergency Currency
Committee F. Azcuna
5. Cagayan Currency Board M. Adduru
6. Iloilo Currency Committee J. Buenafe
7. Free Negros Military Currency
Committee E. S. Mata
8. Mindanao Emergency Currency
Board F. Saguin
9. Bohol Emergency Currency
Board D. Ramos
10. Negros Emergency Currency
Board A. Montelibano
11. Leyte Emergency Currency
Board E. Potente
12. Apayao Legal Tender Emergency
Currency Committee M. Ayochock
13. USAFFE or AUSA (Samar)
Currency Board P. V. Merritt
14. Municipal Issues, Palawan Local Officials
15. Free Samar Currency Committee V. Dira
16. Negros Oriental Emergency
Currency Committee J. Valente
17. Free Samar Currency
Board E. C. Chicano
Provided, however, That in case the amount claimed shall be
beyond any of the group in the scales above enumerated but not beyond the
succeeding scale, redemption shall in no case be less than the maximum amount of
the last preceding scale.
The sum of forty-three million two hundred thirty-six
thousand six hundred eighty-seven pesos and fifty-nine centavos is appropriated
from the fiduciary fund received by the Government of the Philippines from the
Government of the United States pursuant to Republic Act Numbered Thirty-three
for the redemption of the said post-surrender issues.
Sec. 2. The foregoing settlement of
guerrilla and emergency
issues (pre-and post-surrender issues) shall be without prejudice to any further
settlement which may be effected by virtue of any sum of money which may be
received by the Government of the Philippines from the Government of the United
States as a result of posterior negotiations for the further redemption of such
issues.
Sec. 3. In the case of mutilated
emergency and guerrilla
currency notes, the same shall first be given value in accordance with the
existing regulations of the Treasury of the Philippines concerning the
redemption of mutilated Treasury certificates, upon which value the redemption
rates shall be applied; and in the case of a husband and wife who registered
their holdings separately and who are not legally divorced or separated, their
registered holdings shall be treated as one and the percentages of redemption
provided for in this section shall be applied thereto.
Sec. 4. Subject to such rules and regulations as may be
prescribed by the Secretary of Finance, the redemption of
emergency and
guerrilla currency notes authorized in this Act shall be effected by the
corresponding provincial, city, or municipal treasurer and payments shall be
made by them to owners of the notes upon surrender by the latter of the
certificates of registration and deposit of emergency currency. The date for the
commencement of redemption shall be announced by the Secretary of Finance, which
shall not be later than three months after the approval of this Act.
Sec. 5. No payment shall be made to the Philippine National
Bank or to its branches and agencies and to other government entities, including
provincial, city and municipal governments, without the approval of the
President of the Philippines, and only after all deposits of private persons and
entities under Republic Act Numbered Twenty-two shall have actually been
settled.
Sec. 6. So much amount as may be deemed actually necessary
for the operational expenses of the Emergency Currency Board in continuing its
duties and functions under Republic Act Numbered Twenty-two and in carrying out
the provisions of this Act is hereby authorized to be allotted out of the funds
herein made available for the redemption of registered
emergency currency notes.
Sec. 7. The balance remaining unredeemed as a result of the
foregoing scale of redemption shall be payable in treasury certificates of
indebtedness collectible in twenty years.
Sec. 8. This Act shall take effect upon its approval.
Approved: June 10, 1949