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PRESIDENTIAL DECREE NO. 1608
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PRESIDENTIAL DECREE NO. 1608 -
AMENDING PRESIDENTIAL DECREE NO. 1276, ENTITLED "AUTHORIZING THE
CENTRAL BANK OF THE PHILIPPINES TO CONTINUE THE IMPLEMENTATION OF ITS
REWARD SYSTEM FOR INFORMATION LEADING TO THE CONFISCATION OF GOLD AND
FOREIGN EXCHANGE"
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WHEREAS,
the government has launched an intensified campaign against lawless
elements of society including those who are involved in the smuggling
of gold, foreign exchange and Philippine Currency in violation of
existing laws and regulations; and
WHEREAS, in pursuance of said campaign, there is a necessity to
increase the reward payable to persons who supply information regarding
these illegal activities.
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. Section 1 of Presidential Decree No. 1276
is hereby amended to read as follows: chanroblesvirtualawlibrary
"Sec. 1. The provisions of any existing law to the
contrary notwithstanding, 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 twenty per cent (20%) of the
proceeds of the forfeited gold, foreign exchange or Philippine
Currency."
Section 2. This Decree shall take effect
immediately. chanroblesvirtualawlibrary
Done in the City of Manila,
this 9th day of February in the year of Our Lord, nineteen hundred and
seventy-nine.
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