BY EXECUTIVE ORDER NO. 25 DATED NOVEMBER 18, 1944, AS AMENDED By virtue of the powers vested in me by the Constitution and the laws of the Philippines, I, SERGIO OSME A, President of the Philippines, do hereby declare, for the purposes of the debt moratorium established by Executive Order No. 25, dated November 18, 1944, as amended by Executive Order No. 32, dated March 10, 1945, that the City of Manila has been freed from enemy occupation and control as of the date of this Proclamation, and that the debt moratorium will not apply to debts and monetary obligations contracted in said City after the date of this Proclamation.

Done at the City of Manila, this 10th day of March, in the year of Our Lord, nineteen hundred and forty-five, and of the Commonwealth of the Philippines, the tenth.


By the President:
(Sgd.) JOSE S. REYES
Secretary to the President