Prohibiting And Penalizing Defacement, Mutilation, Tearing, Burning Or Destruction Of Central Bank Notes And Coins.
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Prohibiting And Penalizing Defacement, Mutilation, Tearing, Burning Or Destruction Of Central Bank Notes And Coins.
Presidential Decree No. 247
July 18, 1973
Case Overview and Summary
Prohibiting and Penalizing Defacement, Mutilation, Tearing, Burning or Destruction of Central Bank Notes and CoinsWhereas Clauses:
- The Central Bank has the sole right and authority to issue currency in the Philippines.
- Central Bank notes and coins are legal tender, fully guaranteed by the Philippine government.
- Defacing or destroying currency shows disrespect, shortens its lifetime, and creates a bad image.
Provisions:
1. It is unlawful to willfully deface, mutilate, tear, burn or destroy Central Bank currency notes and coins in any manner whatsoever. (Section 1)
2. Violators shall be punished by:
- A fine of not more than twenty thousand pesos, and/or (Section 2)
- Imprisonment of not more than five years. (Section 2)
Other Details:
- All inconsistent laws, orders, and regulations are modified or repealed accordingly.
- This decree takes effect immediately after publication in a newspaper of general circulation.
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Prohibiting And Penalizing Defacement, Mutilation, Tearing, Burning Or Destruction Of Central Bank Notes And Coins.
Presidential Decree No. 247
•July 18, 1973
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 247 July 18, 1973
PROHIBITING AND PENALIZING DEFACEMENT, MUTILATION, TEARING, BURNING OR DESTRUCTION OF CENTRAL BANK NOTES AND COINS.
WHEREAS, the Central Bank has the sole right and authority to issue currency within the territory of the Philippines under its issue power, and pursuant to Section 54 of Republic Act No. 265, otherwise known as the "Central Bank Act," as amended, by Presidential Decree No. 72 dated November 29, 1972, the notes and coins issued by the Central Bank shall be fully guaranteed by the Government of the Republic of the Philippines and shall be legal tender in the Philippines for all debts, both public and private;
WHEREAS, Central Bank notes and coins are issued for circulation as medium of exchange and to utilize them for other purposes does not speak well of the due respect and dignity befitting our currency; and
WHEREAS, defacing, mutilating, tearing, or partially burning or destroying our currency by any means renders it unfit for circulation, thereby unduly shortening its lifetime,...
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Amends
n/a
Amended by
n/a
Tags
Executive Issuances
Presidential Decrees
Central Bank
currency
notes
coins
legal tender
deface
mutilate
tear
burn
destroy
penalty
fine
imprisonment
publication
newspaper
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 247 July 18, 1973
PROHIBITING AND PENALIZING DEFACEMENT, MUTILATION, TEARING, BURNING OR DESTRUCTION OF CENTRAL BANK NOTES AND COINS.
WHEREAS, the Central Bank has the sole right and authority to issue currency within the territory of the Philippines under its issue power, and pursuant to Section 54 of Republic Act No. 265, otherwise known as the "Central Bank Act," as amended, by Presidential Decree No. 72 dated November 29, 1972, the notes and coins issued by the Central Bank shall be fully guaranteed by the Government of the Republic of the Philippines and shall be legal tender in the Philippines for all debts, both public and private;
WHEREAS, Central Bank notes and coins are issued for circulation as medium of exchange and to utilize them for other purposes does not speak well of the due respect and dignity befitting our currency; and
WHEREAS, defacing, mutilating, tearing, or partially burning or destroying our currency by any means renders it unfit for circulation, thereby unduly shortening its lifetime,...
Login to see full content