Further Amending Republic Act Numbered 6426, as Amended, Otherwise Known as The Foreign Currency Deposit Act of The Philippines
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Further Amending Republic Act Numbered 6426, as Amended, Otherwise Known as The Foreign Currency Deposit Act of The Philippines
Presidential Decree No. 1453
June 11, 1978
Case Overview and Summary
Summary of Presidential Decree No. 1453Amendments to the Foreign Currency Deposit Act of the Philippines
- Depository banks shall maintain 100% foreign currency cover for their liabilities (Section 1)
- At least 15% shall be in the form of foreign currency deposit with the Central Bank (Section 1)
- The balance shall be in the form of foreign currency loans or securities (Section 1)
- Foreign currency loans may include loans to domestic enterprises which are export-oriented or registered with the Board of Investments, subject to limitations prescribed by the Monetary Board (Section 1)
- Foreign currency loans or securities shall be of short term maturities and readily marketable (Section 1)
- The foreign currency cover shall be in the same currency as the corresponding foreign currency deposit liability, unless otherwise prescribed or allowed by the Monetary Board (Section 1)
- The Central Bank may pay interest on the foreign currency deposit (Section 1)
- The Central Bank shall exchange foreign currency notes and coins into foreign currency instruments drawn on its depository banks, if requested (Section 1)
- The Monetary Board has the authority to prescribe or allow exceptions to the foreign currency cover requirements (Section 1)
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Executive Issuances
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foreign currency deposit
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foreign currency cover requirements
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Further Amending Republic Act Numbered 6426, as Amended, Otherwise Known as The Foreign Currency Deposit Act of The Philippines
Presidential Decree No. 1453
•June 11, 1978
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 1453
FURTHER AMENDING REPUBLIC ACT NUMBERED 6426, AS AMENDED, OTHERWISE KNOWN AS THE FOREIGN CURRENCY DEPOSIT ACT OF THE PHILIPPINES
WHEREAS, under Presidential Decree No. 1035, the authority of certain depository banks under Republic Act No. 6426, which have the necessary resources and managerial competence, was expanded to enable said banks to engage more actively in foreign exchange transactions;
WHEREAS, the objectives behind the issuance of P.D. 1035 could be more readily achieved if said depository banks were allowed to freely engage in foreign exchange trading and other similar transactions without being unduly restricted by existing provisions of law, subject only to the regulatory authority of the Monetary Board;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers in me vested by the Constitution, do hereby order and decree that Republic Act No. 6426, as amended, be further amended as follows:
Section 1. The first paragraph of Section 4 of Republic Act No. 6426, as amended, is hereby amended to...
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Amends
n/a
Amended by
n/a
Tags
Executive Issuances
Presidential Decrees
foreign currency deposit
depository banks
foreign currency cover requirements
Monetary Board
Central Bank
export-oriented enterprises
Board of Investments
foreign currency loans
foreign currency securities
foreign currency instruments
foreign currency notes and coins
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 1453
FURTHER AMENDING REPUBLIC ACT NUMBERED 6426, AS AMENDED, OTHERWISE KNOWN AS THE FOREIGN CURRENCY DEPOSIT ACT OF THE PHILIPPINES
WHEREAS, under Presidential Decree No. 1035, the authority of certain depository banks under Republic Act No. 6426, which have the necessary resources and managerial competence, was expanded to enable said banks to engage more actively in foreign exchange transactions;
WHEREAS, the objectives behind the issuance of P.D. 1035 could be more readily achieved if said depository banks were allowed to freely engage in foreign exchange trading and other similar transactions without being unduly restricted by existing provisions of law, subject only to the regulatory authority of the Monetary Board;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers in me vested by the Constitution, do hereby order and decree that Republic Act No. 6426, as amended, be further amended as follows:
Section 1. The first paragraph of Section 4 of Republic Act No. 6426, as amended, is hereby amended to...
Login to see full content