PART REPUBLIC ACT NO. 7653, a5 amen CHAPTER Wi Banna SEN OY MERUBUCACTHO a1 The Bangko Sentral shall have the a conduct searches and sels, for the purpose of maintaining the i violation ofthis provision or ofa thority to Investigate, a ures In accordance wit iy integrity of the ‘currency. 4 ny regulation is eect ee snl eetadnonenyt ea wment of not less than five (5) more ier couinearanvet ege mama penalty, then that penalty shall be imposed, se SECTION 51. Liability for Notes and Coins. — Ni jssued by the Bangko Sentral shall be lapanian pita eked Sentral and may be issued only against, and in amounts not ‘exceeding, the assets of the Bangko Sentral, Said notes and coins shall be a first and paramount lien on all assets of the Bangko ‘The Bangko Sentral's holdings of its own notes and coins shall not be considered as part of its currency issue and, accordingly, shall not form part of the assets or liabilities of the Bangko Sentral. ‘SECTION 52. Legal Tender Power. — All notes and coins issued by the Bangko Sentral shall be fully guaranteed by the Government Philippines and shall be legal tender in debts, both public and private: Provided, however, That, unless otherwise fixed by the Monetary Board, coins shall be legal tender in amounts not exceeding Fifty pesos (P50.00) for denominations of Twenty-five centavos and ‘above, and in amounts not exceeding Twenty pesos (P20.00) for denominations of Ten centavos or less. SECTION 53. Characteristics of tho Currency. — The Monetary Board, with the approval of the President of the Philippines, shall prescribe the denominations, dimensions, designs, inscriptions ord ather characteristics of notes issued by the Bangko Sentral: Provided, however, That said notes shall state that they ie Tabitee of the Bangko Sentral and are fully guaranteed By the Government of the Republic of the Philippines. Said notes sI bear the signatures, in facsimile, ofthe President and of the Governor of the Bangko Sentral. Similarly, the Monetary Board, with the approve of th of the Philippines, shall prescribe the weld? denominations and other characteristics of 11" ArT the Bangko Sentral. In the minting of cole Ave nee Board ‘hall give full consideration to the availabilty metals ‘and to their relative prices and cost of minting. d Minting of Coins. — The SECTION tes an Monetary pagan ees ye amounts of notes ard coins tO uysppines AMNOTATED or Tw Pe anes AW , and the conditions to y,,, q inte, rate of coins shall be subject. yr" the printing of notes ArT ig quitharity 10 contract institut, rinting of notes and the minting ., Aa expenses Incured he PS ggho Sentra. 9 of Currency. — aed paras Sentray nd without chargé IpPine currane, snaterchanan on dare pippine nes and cOIN® of any ohn shvoted. for any reason the Bangko Senta), denomination ris to provide notes or coins of the denomination, temporary unable f provide a by delluering notes ang coins. serovars which most nearly approximate thosy requested. SECTION 56. Replacoment of Currency Unfit for Circulation. — ‘The reas enter "shall withdraw from circulation and shai demonetize all notes and coins which for any reason whatsoever ‘re unfit for circulation and shall replace them by adequate notes, ‘and coins: Provided, however, That the Bangko Sentral shall not notes and coins the identification of which is impossible, coins which show signs of filing, clipping or perforation, and notes which have lost more than two-fifths (2/5) of their surface rail of the signatures inscribed thereon. Notes and coins in such mutilated conditions. shall be withdrawn from circulation and demonetized without compensation to the bearer. SECTION 57. Retrement of Old Notes and Coins. — The Bangko may cal replacement notes of any series or denomination which are more than five (5) years old and coins ‘Notes and coins called in for: oe ieee ratte oe tendar but during the folowing your, oF for such longer pore! eye Board may determine, they may be exchange’ charge in the Bangko Sentral and by agents xpiration of this latter Sentral for this purpose. After the Bot Been exchanged shal ceaee voces att coins which have Sentral and sha EARS $0,084 Habiy of the Banate demonetize all notes and Y tral shall als feplaced, " "=M*® €N4 Coins, which have been called in ond hu ay ie tage tng a 58, feu “ p mane ”. — For purpose: Sentral ay es ‘Means all those ilahitee Act, the term \ Bangko banks which are ddenominctea’ in PhilppinePARTI: REPUBLICACT NO. 7089, ‘ CHAMTER nt AMENDED By RePUR BK BENTRAL Coens TNO AN and are subject to payment ythe presentation of check, sal tender upon demand SECTION 59. Issu0 of Demand Deposit sisted Wo 4 ao ray accarn turttene erecta Geer ean, , iabiies in pesos upon demand by the presentation of checks, and such ttions shall be subject to the control of the Monetar ‘accordance with the powers granted it with respect nee this Act. SECTION 60. Legal Character. — Checks representing demand deposits do not have legal tender power arid thelr acceptance in the payment of debts, both public and private, is at the option of the creditor: Provided, however, That a check which has been cleared fand credited to the account ofthe creditor shall be equivalent to a delivery to the creditor of cash in an amount equal to the amount credited to his account, Unit of Monetary Value ‘The unit of monetary value in the Philippines is called peso. Other countries that make use of peso to identify their unit of monetary value are Argentina, Chile, Colombia, Cuba, Dominican Republic, Mexica, and Uruguay.” Definition of Currency The word ‘currency’ means al Philippine notes and coins Issued or circulating in accordance with the provisions of The New Central Bank Act. Sole Power to Issue Currency ©The term “issue” means to put forth officially, or 10 ‘send out or distribute officially.”* Within the Philippine territory, the power to issue currency 1s restricted only to a single institution, Bangko Sentral ‘with the State relinquishing its authority Soe or ceiary ooin and curroncy. This arangoment I logical and neces {for efficient currency administration, and Is merely the application ofa peices tniversally adopted in moder monetary theory, ‘and ale reasor {for solely granting central banks the power of note issue are as lows.” From a historical experience, every important that notes, which represent & : val ‘should enjoy the qui Weet Sorat 0 4re ( sym oe rn rrenes HeeTAED e en omni the ond of tho cont J wen ae twos oe of control a0 Superson fs youre; i. During. periods of slow i ‘ond perdi, oe Duane yo oncarene, POON feu can Max tiny Srcumatance, the central BANKS ETT ag 8 eng reurmlamiae to banks at a ower CAE “ PE Sil riganan boisters ng Toe corcontng punto euch oon oe te OVENS tow, canoes oe ener cae ne OY I Oc, oe ends represent the fst aNd ParEMOU anc, ft assets ofthe corral bank Reproduction or Use ofFasimiles of Notes 2d Con, ‘oc wo of fecsites of Bngko Sentral Motes and Cons by ay =i protiiied The Governor of Gargko Serial, Peel aunontedrpreeeaive may allowthe reproduction, use Of facsimies, ra eiecgaton or object bearing te ikeness or eiltise of legal tender Phir SRrRSy notes and coins fr pried Hlusrations in articles, Bocks, jouras, Sarerhons or other siméar materials and sity for numismati, educa PES [Link] other purposes, which wil mainiain, promote, or enhance ‘Pe itegnty and cignty of said notes and coin.” The absence of prior autheriy {fom the Governor of fis duly authorized representative constitutes unauthories ‘eproducton of legal tender Philippine curency notes and coins, and shall sj: the offender to a penaly of imprisonment” Counterfeit Notes and Coins Counterfeit note refers oan imitation ofa intended deca tbe uke fe bal eh gh pal a gertine On ho sh 1 hard, counterfeit coin ref (OF forged design of a genuine andiega a MOR SH GO, ae Ti cm shes mano ie r me Pep ee 13 $0 ae “ute meta sre Res eo tt ora, . aPART! REPUBLIC ACT NO 7383 As aeNoe ‘CHAPTER WH BANORO SeNTAL OPEN paetoscror os peooseunge aha sex etonon Ma oe Ma be alan send by Bara Te Bangho) Serial a extend on Ho Senta shal extend assance, a6 may ba runt te ivstnation,serohendon, ot teen of reais wexenatie t slats of notes and cone, both Phiippne and farsa mn owerto investigate, Make Arosts, ard Conduct Searches and Seizures ee eerie in rasa tana! saci aa oom xs tt nyt arroyo caren a ea the pawer to investigaie, make arrests, enct Bea ees ns econ ners ww ee oa oo i ipian) Ste) cara ve seus A sine cu Samy ecient ase og saan tb Pay eased Said auroriy alows Bangko Serra eed (ale neyo the cen See Penalty ‘Violation ofthe prohibition against reproduction or uve of facsimiles of ett jender Philippine currency ‘and putting into circulation counterfeit currency, of any terjalon Issued by Bangko Sentai [Link] treet, sha an ons funishable by imprisonment of rit less than fle (6) years but nct more than ten (to) years. In inpristho. Revised Penal Code” provides fora grestet penal then that penalty shall be imposed The issuance ‘of the Mindanao dollar by ther ndanao Independence Moverent oF ary frm of Tene) OY ST rebel or insurgent group fas within the purview of he protibition 7 Other Refated Penal Statutes “The other related pont statutes ave as fone: 4, _ Revieed Penal Code: a. Article 163—Making | ‘poring, onduttering (suing ocetesaing) false coins: ‘ticle 164—Matiltion of 00m. Importation, and uiterance ot ‘mutilated coins; a m 3, § 1141 (2020). TS ea comma Mid ahd. raya EE capensis res amended by Feo ASN. yan 10.8! an soe NS 1 AcANo, 3815 (1930). . OR, § 1111 2920)