Philippine currency value

BANK OF THE PHILIPPINE ISLANDS V. LAGUNA COCONUT OIL 48 PHIL 5
we did no currency

FACTS:
Laguna Coconut Oil Company executed the following promissory note in favor of the Philippine Vegetable Oil Company:

P50, 000.00.

One month after date we promise to pay to the Philippine Vegetable Oil
Company, Inc., or order at City of Manila, Philippine Islands, the sum of
fifty thousand pesos (P50, 000), Philippine currency; value received.

In case of non-payment of this note at maturity, we are to pay interest at
the rate of nine per cent (9%) per annum on the said amount and the
further sum of P5, 000 in full, without any deduction as and for costs,
expenses and attorney’s fees for collection whether actually incurred or
not.

Manila, Philippine Islands, April 26, 1920.

LAGUNA COCONUT OIL CO.
By BALDOMERO COSME
President

After a month, Fidelity & Surety Company of the Philippine Islands made the following notation on the note:

For value received, we hereby obligate ourselves to hold the Laguna
Cocoanut Oil Co. harmless against loss for having discounted the foregoing
note at the value stated therein.

Philippine Vegetable Oil Company indorsed the note to BPI,

Source: Pinay Law Student

Philippines ND (1944) 1 Peso VICTORY Series, Pick 94
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