AN ACT TO ASSURE UNIFORM VALUE TO PHILIPPINE COIN AND CURRENCY

Case Overview and Summary

Republic Act No. 529 (as repealed by RA 8183)

An Act to Assure Uniform Value to Philippine Coin and Currency

- Declares against public policy any provision that gives the obligee the right to require payment in:
    - Gold (Section 1)
    - A particular kind of coin or currency other than Philippine currency (Section 1)
    - An amount measured in a currency other than Philippine currency (Section 1)

- Nullifies and voids such provisions in existing obligations (Section 1)

- Prohibits inclusion of such provisions in future obligations (Section 1)

- Requires discharge of all obligations, past and future, upon payment in any legal tender currency of the Philippines at the time of payment (Section 1)
    - Exception: For pre-Act obligations requiring payment in a foreign currency, discharge shall be in Philippine currency measured at the prevailing exchange rate:
        - At the time the obligation was incurred, except for foreign currency loans stipulated to be payable in the same currency, in which case the rate at the stipulated payment date shall prevail (Section 1)

- Declares all coin and currency, including Central Bank notes, issued by the Philippine government as legal tender for all debts, public and private (Section 1)

- Repeals all inconsistent acts and parts of acts (Section 2)

- Took effect upon approval on June 16, 1950 (Section 3)