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PRESIDENTIAL DECREE NO. 1276
PRESIDENTIAL DECREE NO. 1276 -
AUTHORIZING CENTRAL BANK OF THE PHILIPPINES TO CONTINUE IMPLEMENTATION
OF ITS REWARD SYSTEM FOR INFORMATION LEADING TO THE CONFISCATION OF
GOLD AND FOREIGN EXCHANGE
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WHEREAS,
the Central Bank of the Philippines has, since 1956, been implementing
a reward system for information leading to the confiscation and
forfeiture, in favor of the National Government, of gold, foreign
exchange and Philippine currency held in violation of existing laws and
regulations; chanroblesvirtualawlibrary
WHEREAS, the successful implementation of said reward system has
brought direct benefits to the national economy in the form of millions
in foreign exchange, forfeited in favor of the National Government and,
therefore, it would be for the further interest of the national economy
for the Central Bank to continue implementing such reward system;chanroblesvirtualawlibrary
WHEREAS, except by implication from existing laws, there appears to be
no law or regulation clearly and expressly authorizing the Central Bank
to pay rewards out of proceeds of foreign exchange forfeited in favor
of the National Government;chanroblesvirtualawlibrary
WHEREAS, considering the attendant risks to informers specially in
cases involving foreign-based smuggling syndicates, it is necessary
that the reward payable to such informers be commensurate to such risks
and attractive enough to provide incentives for informers to cooperate
with national police agencies.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers in me vested by the Constitution, do hereby
decree and order the following:cralaw:red
Section 1. The provisions of any existing law to the
contrary notwithstanding, the Central Bank of the Philippines is hereby
authorized to continue implementing its reward system for information
leading to the confiscation, and forfeiture in favor of the National
Government, of gold, foreign exchange and Philippine currency held in
violation of existing laws and regulations: Provided, however, that the
amount of reward shall be in such amount as may be fixed by the
Monetary Board, but in no case to exceed 10% of the proceeds of the
forfeited gold, foreign exchange or Philippine currency.
Section 2. The Central Bank shall continue to pay
informers rewards out of the proceeds of the gold, foreign exchange or
Philippine currency forfeited in favor of the National Government and
all such payments, including payments made in the past in similar
cases, are hereby declared to be within the authority of the Central
Bank. chanroblesvirtualawlibrary
Section 3. This Decree shall be effective
immediately. chanroblesvirtualawlibrary
DONE in the City of Manila,
this 3rd day of January, in the year of Our Lord, nineteen hundred and
seventy eight.
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