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DispositionofObligationsUnderExtraordinaryInflation(SCRA96)

Extraordinaryinflation existswhenthereisadecreaseorincreaseinthe
purchasingpowerofthePhilippinecurrencywhichisunusualorbeyondthe
common fluctuation in the value of said currency, and such decrease or
increasecouldnothavebeenreasonablyforeseenorwasmanifestlybeyond
the contemplation of the parties at the time of the establishment of the
obligation.

Thiscontemplatescontractualobligationswherethepartiesselectaspecific
currencyasthemediumofpayment;hence,itisinapplicabletoobligations
arising from tort and not from contract. It does not apply where the
obligationtopayarisesfromlaw,independentofcontract.

Stipulationsofanothercurrency:

ObligationincurredpriortheenactmentofRA529paymentismade
inPhilippinecurrencymeasuredattheprevailingrateofexchangeat
thetimetheobligationwasincurred.

ObligationincurredaftertheenactmentofRA529obligationshall
bepaidinPhilippinecurrencyattherateofexchangeprevailingatthe
timeofpayment.

TheCentralBankischargedwiththedutytoadministerthemonetaryand
banking system of the Republic, maintain monetary stability in the
Philippines,preservetheinternationalvalueofthepesoandpromotethe
risinglevelofproductionemploymentandrealincomeinthePhilippines.It
isalsogiventhedutytocontrolanyexpansionorcontractioninthemoney
supply,oranyriseorfallinprices,whichisprejudicialtotheattainmentof
maintenanceofahighlevelofproduction,employmentandrealincome.

However,theCentralBankdoesnothavethepowertochangetheparvalue
ofthepesoasthiscanbedoneonlybythePresidentuponproposalofthe
Monetary Board and with the approval of Congress (now National
Assembly).
The Central Bank Act was enacted by Congress authorizing the Central
Banktoestablishauniformmarginofnotmorethanfortypercentoverthe
bankssellingratesstipulatedbytheMonetaryBoardundersection79of
saidActandtheMonetaryBoardtofixthemarginofsuchratesasitmay
deem necessary to effectively curtail any excessive demand upon the
internationalreserve.

A. SpecificApplication

Inacasewhereinthecollectivebargainingagreementprovidedthatifduring
the life of the agreement a law diminishing the value of the Philippine
currencyisenacted,theSupremeCourtdeclaredthatthepurchasingpower
orvalueofmoneyor currencydoesnotdependupon,cannotcomeinto
being, be created or brought about by, a law enacted by the legislative
departmentoftheGovernment.