A.

LEGAL TENDER POWER – when the currency is offered in payment of a debt, public or private, the same must
be accepted.


All notes and coins issued by the Bangko Sentral shall be fully guaranteed by the Government of the Republic of the Philippines
and shall be legal tender in the Philippines for all debts, both public and private.

However: unless otherwise fixed by the Monetary Board, coins shall be legal tender in amounts

 not exceeding Fifty pesos P50 for denominations of 25 centavos and above, and

 in amounts not exceeding P20 for denominations of 10

centavos or less. (Sec. 52)


 notes have no limit to their legal tender power. Pursuant to BSP Circular No. 537, Series of 2006, coins in
Philippine currency
denomination of

 1-, 5- and 10-piso shall be legal tender in amounts not exceeding P1,000 while

 1-, 5- and 10- and 25-sentimo shall be legal tender in amounts not exceeding P100

SECTION 50. Exclusive Issue Power. — The Bangko Sentral shall have the sole power
and authority to issue currency, within the territory of the Philippines. No other person or entity,
public or private, may put into circulation notes, coins or any other object or document which, in
the opinion of the Monetary Board, might circulate as currency, nor reproduce or imitate the
facsimiles of Bangko Sentral notes without prior authority from the Bangko Sentral.