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.

[ REPUBLIC ACT NO. 369, June 10, 1949 ]

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.

Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:

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:

Section 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.

Section 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.

Section 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.

Section 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.

Section 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.

Section 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.

Section 8. This Act shall take effect upon its approval.

Approved, June 10, 1949.

(a) For holders of the following pre-surrender emergency currency issues, one hundred per centum:

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 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:

Provided, however, That in case the amount claimed hall be beyond any of the group in the scales above enu¬merated 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.