WHEREAS,
the President of the Philippines, taking cognizance of the balance of
payments deficits, issued Letter of Instructions No. 1307 dated April
11, 1983 and Letter of Instructions No. 1329 dated May 31, 1983,
directing all agencies of the government to adopt all possible measures
to maximize foreign exchange receipts and minimize their outflow;chanroblesvirtualawlibrary
WHEREAS, notwithstanding efforts of the government to prevent and
minimize the outflow of foreign exchange through means and methods
contrary to existing laws and Central Bank rules and regulations, the
outflow of foreign exchange continues unbated; chanroblesvirtualawlibrary
WHEREAS, this situation calls for a clearer definition of what
constitutes blackmarketing and salting of foreign exchange and for the
imposition of heavier penalties on those who are engaging in these
practices which are pernicious to the national economy.
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:cralaw:red
Section 1. Blackmarketing of Foreign Exchange. — That
any person who shall engage in the trading or purchase and sale of
foreign currency in violation of existing laws or rules and regulations
of the Central Bank shall be guilty of the crime of blackmarketing of
foreign exchange, and shall suffer the penalty of reclusion temporal,
(minimum of 12 years and one day and maximum of 20 years) and a fine of
not less than Fifty Thousand (P50,000.00) Pesos. chanroblesvirtualawlibrary
Section 2. Salting of Foreign Exchange. — That any
person engaged in the business of exporting who shall underdeclare or
undervalue his exports, either as to price or quantity, or any person
engaged in the business of importation who shall overvalue or
overdeclare his importations, either as to price or quantity, for the
purpose of salting and retaining foreign exchange abroad in violation
of existing laws and Central Bank rules and regulations, shall be
liable for the crime of illegal salting of foreign exchange and shall
suffer the penalty of reclusion temporal and a fine of not less than
Fifty Thousand (P50,000.00) Pesos.
Section 3. Definition of Terms. — The term "foreign
exchange" shall refer to foreign currency notes, coins, checks, letters
of credits, drafts, bills of exchange or other instruments customarily
employed for international transfer. chanroblesvirtualawlibrary
Section 4. Other Penalties. — If the offender shall
be a naturalized citizen of the Philippines, conviction of any of the
above offenses shall carry with it the automatic cancellation of his
naturalization as a citizen of the Philippines, and shall, upon service
of his sentence, be immediately deported. A foreigner who is convicted
of any of the above offenses shall, upon service of his sentence, be
immediately deported.
Section 5. This Decree shall take effect immediately.
Done in the City of Manila,
this 24th day of September, in the year of Our Lord, nineteen hundred
and eighty-three.
|