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Mr. President:

Your Committee on Currency and Banking has the honor to submit herewith a draft of the provisions governing currency and banking.

In the study of this important matter, the Committee has taken into consideration the Constitutions of several important nations and the extent to which such provisions have been interpreted and applied in relation to past and present-day problems of currency and banking.

Your Committee, in the light of the experience of other nations, deems it essential to insure such to the end that the country may be assured of a sound credit.

It is desired to point out also that the Legislative grant of power in the attached precept is not only adequate in its scope but also flexible in its application, thus enabling the Government to meet problems not only of today but of the future as well.

It is recommended that the enclosed precept be approved.

Respectfully, submitted,


To the Hon. President
Constitutional Convention
Manila

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Section 1. The Legislature shall have power:

To coin money, regulate the value thereof, and of foreign coins.

To regulate the establishment and operation of banks and other institutions of credit.

To establish a Central Bank, which may be made a sole bank of issue, and other institutions of credit as may be found necessary.

To regulate foreign exchange and, in case of emergency, the export and import of coins, bullions and movement of capital to foreign countries.

Powers withheld from provincial governments:

No province shall coin money, emit bills of credit, regulate or establish banks or other institutions of credit.