ON THE REPLACEMENT AND DEMONETIZATION OF THE CURRENCY NOTE ISSUE OUTSTANDING AS OF JULY 1, 1973

WHEREAS, in line with the policy for replacement of old
currency notes of the Central Bank of the Philippines, fully guaranteed
by the Government of the Republic of the Philippines, and in furtherance
of the objectives of the New Society, it is deemed advisable and
necessary to call in for replacement all currency notes outstanding as
of July 1, 1973;

WHEREAS, it is fitting and timely to replace the currency
notes outstanding on the said date with new ones of equivalent value
which shall bear or be overprinted with an appropriate legend
identifying them with the New Society and as a symbol of our faith and
dedication to the principles of reform and justice which underlie our
continuing program for upliftment of the masses of our people;

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 all 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
amendment of Republic Act No. 265, as follows:

SECTION 1. The currency note issue of the Central Bank of
the Philippines outstanding as of July 1, 1973 is hereby called in for
replacement commencing on the said date and shall be exchanged by the
Central Bank at par with notes which shall bear, or be overprinted with,
the legend “ANG BAGONG LIPUNAN”. During the six-month period
beginning July 1, 1973, notes not yet surrendered for replacement shall
remain legal tender. After the expiration of this period, the noted
which have not been exchanged shall cease to be a liability of the
Central Bank and shall be demonetized. The Central Bank shall likewise
demonetize all the notes which have been surrendered for replacement.

SEC. 2. The Monetary Board of the Central Bank of the
Philippines shall issue the regulations necessary for the implementation
of this Decree.

SEC. 3. All laws or parts of laws inconsistent with the
provisions hereof are hereby modified accordingly.

SEC. 4. This Decree, shall take effect immediately.

Done in the City of Manila, this 2nd day of April, in the year or
Our Lord, nineteen hundred and seventy-three.