Proclamation of the Commander-in-Chief of the Imperial Japanese Forces in the Philippines on Reopening of Banking Institutions and Financial Organizations

The Commander-in-Chief of the Imperial Japanese Forces, realizing the urgent necessity of normalizing business conditions, do hereby proclaim and order the reopening of such banking institutions and financial organizations as notified in the City of Manila.

Heretofore, officials and common people alike must endeavor to collaborate and carry on smoothly the financial activities in accordance with the articles of the proclamation hereafter given. Anybody who violates any of the provisions of this order shall be considered as having committed a hostile act and shall be punished severely.

The Banks ordered to reopen must not allow anybody to draw more than the amount of Five Hundred Pesos (₱500) per person (including commercial firms, corporations or companies) a month. But withdrawals from bank deposits for paying taxes, water, gas, electricity and telephone charges, and those other payments having the permission and approval of the Commander-in-Chief of the Imperial Japanese Forces, are exempted from the above-mentioned restriction.

Adjustment entries between accounts of the same person or firm in the same bank or settlements of accounts between banking and financial organizations are free.

Payment for checks, or other certificates of payment which were issued before the reopening of the banks, irrespective of the amount, must bear the approval and permission of the Commander-in-Chief of the Imperial Japanese Forces.

Foreign exchange business will not be allowed for the time being unless otherwise permitted by the Commander-in-Chief of the Imperial Japanese Forces.

The above proclamation shall be put into effect within the limits of the City of Greater Manila for the time being.

Rh

January 23, 1942.