On this day in Filipino history, November 26, 1898, Emilio Aguinaldo made a significant decree that gave the revolutionary government the authority to secure a loan amounting to 20 million pesos.
Acting on behalf of the national treasury, this proclamation outlined the loan terms, stipulating a repayment period of up to 40 years from the date of issuance.
Notably, the decree extended its scope to the circulation of paper money, amounting to three (3) million pesos. These notes were deemed redeemable within a three-year timeframe.
(Reference: “The laws of the first Philippine Republic (the laws of Malolos) 1898-1899. Compiled & edited by Sulpicio Guevara, 1972.”)
(JR AMIGO/AI/MNM)
