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Be it enacted by the Senate and House of Representatives of the Philippines in Legislature assembled and by the authority of the same:

SECTION 1. Section five hundred and fifty-three of Act Numbered One hundred and ninety is hereby amended to read as follows:

"SEC. 553. Father or mother natural guardian and to be appointed guardian of estate, if competent.—The father or, in case of his death or legal disqualification, the mother, of a minor child, is to be deemed the natural guardian of the child, and as such is entitled to the custody, and care for the education of the minor, but not of his estate, unless so ordered by the court, except that where a parent who has insured the life of his minor child under eighteen years of age is, under the terms of the policy, the sole beneficiary, and liable for the payment of the premiums on the policy in question, said parent, as natural guardian, may collect the dividends due on the policy and may borrow or otherwise compromise or surrender the policy in question. It shall be the duty of the judge, in the appointment of a guardian of the estate of a minor child, to appoint the father or mother or near relative of the child, preference being given in the order just named; but the court shall have the power to set aside the order of preference here provided, and to appoint any suitable person as guardian, either of the person or of the estate of the minor, or both, as the best interests of the child may require. The authority of the guardian shall not be extinguished or affected by the marriage of the guardian."

SEC. 2. This Act shall take effect on its approval.

Approved, November 29, 1933.