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Chamber Of Agri. & Natural Resources Of The Phil. Et Al vs. Central Bank Of The Phil.121 Phil. 1423

CHAMBER OF AGRICULTURE AND NATURAL RESOURCES OF THE PHILIPPINES, ET AL., petitioners, vs. CENTRAL BANK OF THE PHILIPPINES, respondent.

G.R. No. L-23244 | 1965-06-30

D E C I S I O N 


REYES, J.B.L., J.: 

Original petition by a group of exporters for a writ of prohibition to restrain the Central Bank of the Philippines from continuing to enforce its Circulars No. 133 and 171, requiring that 20% of export receipts be surrendered to the Central Bank at par value (P2.00 to $1.00), and authorizing the sale of the other 80% at the prevailing free market rate. 

For a background of the case, it must be recalled that on December 9, 1949, because of a foreign exchange crisis, the Monetary Board of the Central Bank of the Philippines, claming to act under section 74 of its Charter (Republic Act 265),...