AN ACT REPEALING REPUBLIC ACT NUMBERED FIVE HUNDRED TWENTY-NINE AS AMENDED, ENTITLED "AN ACT TO ASSURE THE UNIFORM VALUE OF PHILIPPINE COIN AND CURRENCY."
Year:
1996
Category:
Other
Date Approved:
June 11, 1996
Summary
Plain-language AI-assisted summary — not the official text. As of July 2, 2026. Read the full text below or on the official source.
This Act repeals Republic Act Numbered Five Hundred Twenty-Nine, which was aimed at assuring the uniform value of Philippine coin and currency. It mandates that all monetary obligations be settled in Philippine currency, although parties may agree to settle in another currency.Full Text
Tenth Congress
Republic Act No. 8183 June 11, 1996
Repealing
AN ACT REPEALING REPUBLIC ACT NUMBERED FIVE HUNDRED TWENTY-NINE AS AMENDED, ENTITLED "AN ACT TO ASSURE THE UNIFORM VALUE OF PHILIPPINE COIN AND CURRENCY."
Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:
Section 1. All monetary obligations shall be settled in the Philippine currency which is legal tender in the Philippines. However, the parties may agree that the obligation or transaction shall be settled in any other currency at the time of payment.
Sec. 2. Republic Act Numbered Five Hundred Twenty-Nine (R.A. No. 529), as amended entitled "An Act to Assume the Uniform Value of Philippine Coin and Currency," is hereby repealed.
Sec. 3. This Act shall take effect fifteen (15) days after its publication in the Official Gazette or in two (2) national newspapers of general circulation. The Bangko Sentral ng Pilipinas and the Department of Finance shall conduct an intensive information campaign on the effect of this Act.
Approved: June 11, 1996
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Republic Acts are laws passed by the Congress of the Philippines. This content is sourced from LawPhil (lawphil.net) for reference purposes. For official and authoritative texts, please refer to the Official Gazette.