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 Confiscat

MALACAÑANG
M a n i l a

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"

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:

Section 1. Section 1 of Presidential Decree No. 1276 is hereby amended to read as follows:

"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...

Login to see full content

Summary of Presidential Decree No. 1608

Amending Presidential Decree No. 1276 on Reward System for Information Leading to Confiscation of Gold and Foreign Exchange

- Authorizes the Central Bank of the Philippines to continue implementing its reward system for information leading to the confiscation and forfeiture of:
• Gold held in violation of existing laws and regulations. (Section 1)
• Foreign exchange held in violation of existing laws and regulations. (Section 1)
• Philippine Currency held in violation of existing laws and regulations. (Section 1)

- The amount of reward shall be fixed by the Monetary Board, but shall not exceed 20% of the proceeds of the forfeited gold, foreign exchange, or Philippine Currency. (Section 1)

- The decree takes effect immediately. (Section 2)