PRESIDENTIAL DECREE NO. 118, January 29, 1973
PROVIDING FOR THE REPEAL OF REPUBLIC ACT NUMBERED FOUR HUNDRED TWENTY-SEVEN, ENTITLED “AN ACT PROHIBITING AND PUNISHING THE POSSESSION AND EXPORTATION OF SILVER AND/OR NICKEL CO…
Punishing the Possession and Exportation of Silver and/or Nickel Coins
Under Certain Circumstances and Providing the Procedure for Prosecution
Thereof,” was enacted in 1950 to forestall a threatened coin shortage;
and
WHEREAS, the present fiduciary coinage system of the
country allows the replenishment of the coin supply quite easily and
economically thus assuring a constant and adequate supply of small
change;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the
Philippines, by virtue of the powers in me vested by the Constitution as
Commander-in-Chief of the Armed Forces of the Philippines, and pursuant
to Proclamation No. 1081, dated September 21, 1972, and General Order
No. 1, dated September 22, 1972, as amended, and in order to effect the
desired changes and reforms in the social, economic, and political
structure of our society, do hereby order and decree the repeal of
Republic Act No. 427.
This Decree shall take effect immediately.
Done in the City of Manila, this 29th day of January, in the
year of Our Lord, nineteen hundred and seventy-three.
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(Sgd.) FERDINAND E. MARCOS
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President
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Republic of the Philippines
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| By the President: | |||
| (Sgd.) ALEJANDRO MELCHOR | |||
| Executive Secretary | |||