ENDORSING “OPERATION RESPECT THE CENTAVO, A JOINT PROJECT OF THE CENTRAL BANK OF THE PHILIPPINES AND PHILIPPINE INDUSTRIES

WHEREAS, “Operation Respect the Centavo” is a
project dedicated principally to the welfare and benefit of the great mass of
breadwinners, especially the low-income group, who need to enjoy the full
purchasing power of every centavo earned by them in order to feed, clothe, and
shelter properly their families;

WHEREAS, the present trade practice of pricing
commodities, service, and facilities in multiples of five-centavo units—in
deliberate disregard of the one-centavo units—has in the main adversely
affected those who live on hand-to-mouth basis; and

WHEREAS, we are all conscious of the fact that to
the working man, the small employee or the casual laborer, every centavo
counts, particularly so if he has a large family to support;

NOW, THEREFORE, I, Diosdado Macapagal, President
of the Philippines, by virtue of the powers vested in me by law, do hereby
strongly endorse “Operation Respect the Centavo” and I call upon all citizens
and residents of the Philippines, irrespective of nationality or creed, and all
sectors of the economy, to lend a helping hand in realizing this project and to
cooperate in this effort of maintaining prices of goods, services, and
facilities at reasonable levels and within the reach of the masses of our
people, by respecting the centavo.

I direct that an amount of centavo coins be
included in the payrolls of all government departments, bureaus, offices,
agencies, and government-owned or controlled corporations, and I earnestly urge
private enterprises to do likewise, to accelerate and maintain the circulation
of the centavo throughout the country.

IN WITNESS WHEREOF, I have hereunto set my hand
and caused the seal of the Republic of the Philippines to be affixed.

Done in the City of Manila, this 1st day of June
in the year of Our Lord, nineteen hundred and sixty-three.

DIOSDADO MACAPAGAL
President of the Philippines

By the President:
SALVADOR L. MARIÑO
Executive Secretary

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