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MALACAÑAN PALACE
MANILA

BY THE PRESIDENT OF THE PHILIPPINES

[ Memorandum Circular No. 308, December 23, 1969 ]

PROHIBITING THE GRANT OF THE PREFERRED EXCHANGE RATE OF ?2 TO $1 FOR TRAVEL PURPOSES.

No agency or instrumentality of the Government shall henceforth authorize, direct or allow the dollar exchange for travel purposes at the rate of ?2 to $1 or any preferential or preferred rate other than the prevailing rate of exchange for normal commercial banking transactions.

By authority of the President:

(SGD.) ERNESTO M. MACEDA
Executive Secretary

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Manila, December 23, 1969

The Lawphil Project - Arellano Law Foundation

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