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REPUBLIC ACT NO. 1164 - AN
ACT TO PROVIDE FOR EMERGENCY ASSISTANCE TO THE GOLD MINING INDUSTRY OF
THE PHILIPPINES, TO AUTHORIZE THE APPROPRIATION OF FUNDS THEREFOR, AND
FOR OTHER PURPOSES |
Section 1. Short
title. — This Act shall be known as "The Emergency Gold Mining
Assistance Act of the Philippines."
Sec. 2. Definition of terms. — When used in this
Act, the following terms shall, unless the context otherwise indicates,
have the following respective meanings: "(a) "Gold
producer" means any person, corporation, partnership or association
which produced gold in nineteen hundred and fifty-three whether as
principal product or as by-product; Sec. 3. Direct short term assistance. — To assist the gold producers meet the present emergency, there is hereby created a Direct Short Term Assistance.cralaw Sec. 4. Mines with gold as principal product. — Newly mined gold produced as principal product may be sold either to the Government through the Central Bank in the form of refined gold at the current official price per ounce plus the assistance provided in section six hereof or in the domestic free market without benefit of the assistance, at the choice of the gold producer.cralaw Sec. 5. Mines with gold as by-product. — In cases of mines in which gold production is a by-product to some other metals they shall not be entitled to an assistance from the Government but are permitted to sell their newly mined gold at the domestic free market.cralaw
Sec. 6. Manner of payment under the District
Short Term Assistance. — (a) Any marginal gold producer shall be
entitled to an assistance from the Government sufficient to bring the
total, official price plus assistance, to one hundred eleven pesos and
seventy-two centavos per ounce for its production within the
effectivity of this Act, not to exceed the production during its
post-war peak year; Provided, That in case there is excess production,
the assistance to be paid on the excess shall be that which will bring
the total, official price plus assistance, to one hundred five pesos
and forty centavos per ounce.cralaw Sec. 7. Term. — This direct short term assistance shall be effective for a period of two years from the date or approval of this Act.cralaw Sec. 8. Issuance of receipt. — During the two-year assistance period as provided in section six hereof, the Central Bank shall issue a receipt indicating the number of ounces of gold so sold and paid for.cralaw Sec. 9. Board to carry out provisions of this Act. — The President of the Philippines is hereby authorized to create a Board of five members who shall be appointed by the President of the Philippines with the confirmation of the Commission on Appointments, which Board shall carry out the provisions of this Act and determine the mine or mines that shall be entitled to the benefits hereof.cralaw Section 10. Submittal of quarterly reports. — Gold producers shall each submit to the Board quarterly reports containing their volume and value of gold production, cost of production as defined in this Act, and such other data and information as may be required by the Board.cralaw Section 11. Examination and inspection. — The Head of the Board and his duly authorized representatives shall be vested with the authorities and prerogatives of the Director of Mines and his deputies as to inspection of mines property and plants, and examination of books of accounts and records of any gold producer who shall give the necessary facilities for such inspection and examination.cralaw Section 12. Determination of marginal and non-marginal mines. — The Board shall determine the marginal or non- marginal mines every semester of each calendar year during the effectivity of this Act.cralaw Section 13. Rules and regulations. — The Board authorized to carry out the provisions of this Act shall promulgate such rules and regulations as may be deemed necessary to implement the provisions of this Act subject to the approval of the corresponding Department head. Section 14. Fund to carry out the provisions of this Act. — The Secretary of Finance and the Governor of the Central Bank, shall within thirty days from the approval of this Act and from time to time thereafter, make an estimate of the internal revenue taxes, tax on foreign exchange, customs duties and other charges, payable by gold producers directly or indirectly (except those otherwise allocated by law for other purposes) , as well as those arising from allocations of foreign exchange equivalent in value to gold sold to the Central Bank, and such estimates shall be certified by said officials. Upon such certification, the Central Bank of the Philippines is authorized to charge the current account of the National Treasury in said Bank in an amount equivalent to such certification and the amount so charged shall be set aside in a trust fund to be known as "Emergency Gold Assistance Trust Fund", which is hereby appropriated to be disbursed exclusively for the purpose of carrying out the provisions of this Act.cralaw
Section 15. Duties and functions of the Board. — The
Board shall be the administrative office to carry out the implement the
provisions of this Act and shall have, among others, the following
functions and duties; (a) To
undertake the payment of the assistance as herein provided to gold
producers selling newly mined gold to the Central Bank; Section 16. Penal Provisions. — All statements representations, or reports required under this Act shall be under oath, and any person, making knowingly any false statement, representation or report under oath shall be subject to punishment for perjury under the provisions of the Revised Penal Code, upon conviction therefor by a competent court.cralaw Section 17. Any mining company that takes advantage of the benefit of this Act shall not use the assistance herein provided for purposes of increasing salaries of personnel receiving compensation in excess of two thousand four hundred pesos annually.cralaw Section 18. All acts or parts thereof which are inconsistent with any provision of this Act are hereby repealed.cralaw
Section 19. This Act shall take effect upon its
approval. Approved: June 18, 1954 |