Proceedings of the first Independence congress : held in the city of Manila, Philippine islands, February 22-26, 1930 / Published under the direction of Dean maximo M. Kalaw, executive secretary, University of the Philippines.

ECONOMIC SECTION 63
coins. This fund consists practically in gold in its entirety,
P5,000,000 in Manila and P26,000,000 in several federal reserve member banks.
Summing up, the government has issued P106,000,000 in
notes and P40,000,000 in silver, nickel and copper coins, or a
total of P146,000,000. Of this sum only P125,000,000 is
in actual circulation. However, the government's reserve to
secure the parity of its notes and coins amounts to P1 19,000,000
in gold and P18,000.000 in silver, or a total of P137,000,000,
an amount greater than the actual circulation.
The Philippine monetary system is so devised that it may
stand independently. Its condition is unquestionably solid;
it has even been considered as ultra-conservative. The best
and most stable that the Philippines has prepared and ready
for its independence is her monetary system."
The session was adjourned at 12:30 noon.