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PRESIDENTIAL DECREE NO. 1070
PRESIDENTIAL DECREE NO. 1070 -
AUTHORIZING THE GRANT OF ASSISTANCE TO PRIMARY GOLD PRODUCERS
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WHEREAS,
the continuing low level of the international market price of gold has
placed domestic primary gold producers in a precarious financial
condition threatening the continued operation of the industry; chanroblesvirtualawlibrary
WHEREAS, thousands of workers and their families who are directly
dependent on the gold mining industry stand to suffer most in the event
of curtailment or stoppage of mining operations;chanroblesvirtualawlibrary
WHEREAS, during this period of difficulty for primary gold producers
and uncertainty as to the future international market price of gold,
there is a need to provide assistance to the gold mining industry;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND. E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution do hereby
order and decree the following:cralaw:red
Section 1. A domestic primary gold producer shall,
upon application, be entitled to receive such assistance as may be
fixed by executive order of the President of the Philippines upon
recommendation of the Monetary Board of the Central Bank. The
production of primary gold mines shall be disposed of in accordance
with applicable Central Bank regulations.
Section 2. The assistance herein provided shall be
administered by the Gold Mining Industry Assistance Board created under
Republic Act No. 3089, as amended. The provisions of the said Act not
inconsistent herewith are hereby continued in force.
Section 3. There are hereby appropriated out of any
funds in the National Treasury not otherwise appropriated such sums as
may be necessary to provide for the assistance herein established as
well as to provide for the additional expenses of the Gold Mining
Industry Assistance Board in the administration of the assistance.
Section 4. To meet the funding requirements of the
assistance herein established, the Central Bank of the Philippines is
hereby authorized to pay into the General Funds of the National
Government out of prior years' profits realized from its sales of gold,
such amounts as may periodically be sent aside by the Monetary Board
for the purpose.
Section 5. This Decree shall take effect immediately.
Done in the City of Manila,
this 18th date of January, in the year of Our Lord, nineteen hundred
seventy-seven.
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