Pursuant to the authority vested in me by Republic Act No. 77 and upon recommendation of the Secretary of Finance, the value of the French Franc is hereby fixed effective May 21, 1948, at ?.006666, Philippine currency, which is equivalent to $.003333, United States currency.

IN WITNESS WHEREOF, I have hereunto set my hand and caused the seal of the Republic of the Philippines to be affixed.

Done in the City of Manila, this 28th day of May, in the year of Our Lord, nineteen hundred and forty-eight, and of the Independence of the Philippines, the second.

ELPIDIO QUIRINO
President of the Philippines

By the President:
EMILIO ABELLO
Executive Secretary