REPUBLIC ACT NO. 3472 - AN ACT
AMENDING CERTAIN PROVISIONS OF REPUBLIC ACT NUMBERED THREE THOUSAND
EIGHTY-NINE OTHERWISE KNOWN AS THE GOLD MINING INDUSTRY ASSISTANCE ACT
OF 1961
Section 1. Sec. 2(r) of Republic Act Numbered Three
thousand and eighty-nine is hereby amended to read as follows:
"Sec. 2. Definition of terms —
(r) "Official Price" means the equivalent in
Philippine pesos of the official world price of gold, which is
presently fixed at $35 per ounce based on the weighted banks, average
buying rate of the U.S. dollar on the date that the gold is delivered
to the federal reserve bank for the account of the Central Bank;"
Sec. 2. Sec. 4 of Republic Act Numbered Three
thousand eighty-nine is hereby amended to read as follows:
"Sec. 4. Gold producers qualified to receive
assistance. — To be entitled to the assistance provided in this Act, a
gold producer must sell to the Central Bank, and the Central Bank is
hereby directed to purchase, its entire production of newly-minded
gold, whether produced as principal product or as by-product, at the
official price defined in Sec. 2(r) hereof. Should a gold producer
sell his gold in violation of this section at any time during a certain
year, the entire production for that year shall not be entitled to
assistance. Any assistance already given shall be refunded, and the
manager or person-in-charge of the mining corporation that sells its
gold produce or part thereof in violation of this section shall, upon
conviction, be punished by a fine of not more than P5,000 or an
imprisonment of not more than two years or both in the discretion of
the court. The Central Bank shall issue a receipt for all good
purchased by it under this Act, which receipt shall show the number of
ounces of gold purchased: Provided, That mines producing gold as
by-product shall only be entitled to the assistance given to
over-marginal gold mines."
Sec. 3. Sec. 5 of Republic Act Numbered Three
thousand eighty-nine is hereby amended to read as follows:
"Sec. 5. Manner of payment under this Act. — (a) Any
marginal gold producer shall be entitled to the official price as
hereinbefore defined under Sec. 2(r) plus assistance of sixty-five
pesos per ounce from the Government for its production within the
effectivity of this Act. (b) In cases of over-marginal gold mine or
mines producing gold as by-product, such mines shall be entitled to the
official price as hereinafter defined under Sec. 2(r) plus an
assistance of fifty pesos per ounce from the Government within the
effectivity of this Act: Provided, however, That the above provisions
notwithstanding, no mine producing gold as principal product or
by-product shall receive more than two hundred pesos nor less than one
hundred sixty pesos per ounce of gold in official price and assistance:
Provided, finally, That during the term of this assistance the gold
producer enjoying the same shall give a bonus equivalent to seven and
one-half per cent of the assistance it receives to be distributed among
the employees whose salaries do not exceed five hundred pesos per
month."
Sec. 4. This Act shall take effect upon its approval.
Approved: June 16, 1962
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