When Don Sergio Suico Osmeña Sr. assumed the presidency on August 1, 1944, months after, he declared a debt moratorium on the war-damaged provinces. When these provinces were freed from Japanese control, he then issued an order lifting the moratorium. Among the provinces covered were Cebu and Bohol:
PROCLAMATION NO. 9
DECLARING THAT THE PROVINCES OF ANTIQUE, BATAAN, BATANGAS, BOHOL, BULACAN, CAPIZ, CAVITE, CEBU, ILOILO, LA UNION, MARINDUQUE, MASBATE, MINDORO, NEGROS OCCIDENTAL, NEGROS ORIENTAL, NUEVA ECIJA, PALAWAN, PAMPANGA, PANGASINAN, RIZAL, SAMAR, TARLAC AND ZAMBALES HAVE BEEN FREED FROM ENEMY OCCUPATION AND CONTROL FOR THE PURPOSES OF THE DEBT MORATORIUM ESTABLISHED 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 OSMEÑA, President of the Philippines, do hereby declare, for the purpose 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 Provinces of Antique, Bataan, Batangas, Bohol, Bulacan, Capiz, Cavite, Cebu, Iloilo, La Union, Marinduque, Masbate, Mindoro, Negros Occidental, Negros Oriental, Nueva Ecija, Palawan, Pampanga, Pangasinan, Rizal, Samar, Tarlac, and Zambales have 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 provinces after the date of this Proclamation.
Done at the City of Manila, this 30th day of May, in the year of Our Lord, Nineteen Hundred and Forty-Five, and of the Commonwealth of the Philippines, the tenth.
(Sgd.) SERGIO OSMEÑA
President of the Philippines
By the President:
(Sgd.) JOSE S. REYES
Secretary to the President