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Philippine Currency Legal Tender Rules

The peso is the unit of monetary value in the Philippines composed of one hundred centavos. The Bangko Sentral has the exclusive power to issue currency within the Philippines and can investigate, arrest, and seize any unauthorized currency.

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16 views1 page

Philippine Currency Legal Tender Rules

The peso is the unit of monetary value in the Philippines composed of one hundred centavos. The Bangko Sentral has the exclusive power to issue currency within the Philippines and can investigate, arrest, and seize any unauthorized currency.

Uploaded by

XI Montero
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

8.3.

1 Legal tender power over coins and notes

In the Philippines, the unit of monetary value is the “Peso”, represented by the sign “₱”.

The peso is then composed of one hundred (100) “Centavos”, represented by the sign

“c” (RA No. 7653, Sec 48).

What is Currency?

- All Philippine notes and coins issued or circulating in accordance with the provision

of this Act (RA No. 7653, Sec 49).

The Bangko Sentral has the exclusive power and authority to issue currency within the

territory of the Philippines. Should there be any person or entity circulating notes, coins,

or any other object or document, that may be circulated as currency, or imitate/reproduce

facsimiles the Bangko Sentral notes without authority from the institution, the Bangko

Sentral shall have the authority to (a) investigate, (b) make arrests, and (c) conduct

searches and seizures, that are in accordance with the law, in order to maintain the

integrity of the currency (RA No. 7653, Sec 50).

Such person or entity proven to violate the Bangko Sentral’s exclusive issue power or of

any regulation issued shall face an offense punishable by imprisonment of 5-10 years. If

the Revised Penal Code provides for a greater penalty, then that penalty must be followed

and imposed (RA No. 7653, Sec 50)

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