Authorizing Central Bank Of The Philippines To Continue Implementation Of Its Reward System For Information Leading To The Confiscation Of Gold And Foreign Exchange

MALACAÑANG
M a n i l a

PRESIDENTIAL DECREE No. 1276

AUTHORIZING CENTRAL BANK OF THE PHILIPPINES TO CONTINUE IMPLEMENTATION OF ITS REWARD SYSTEM FOR INFORMATION LEADING TO THE CONFISCATION OF GOLD AND FOREIGN EXCHANGE

WHEREAS, the Central Bank of the Philippines has, since 1956, been implementing a 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;

WHEREAS, the successful implementation of said reward system has brought direct benefits to the national economy in the form of millions in foreign exchange, forfeited in favor of the National Government and, therefore, it would be for the further interest of the national economy for the Central Bank to continue implementing such reward system;

WHEREAS, except by implication from existing laws, there appears to be no law or regulation clearly and expressly authorizing the Central Bank to pay rewards out of proceeds of foreign exchange forfeited in favor of the National Government;

WHEREAS, considering...

Login to see full content

Summary of Presidential Decree No. 1276

Authorizing the Central Bank of the Philippines to Continue Reward System
- The Central Bank of the Philippines is authorized to continue implementing its reward system for information leading to the confiscation and forfeiture of gold, foreign exchange, and Philippine currency held in violation of existing laws and regulations. (Section 1)
- The reward amount shall be fixed by the Monetary Board, but not exceeding 10% of the proceeds of the forfeited assets. (Section 1)
- The Central Bank shall continue to pay informers rewards out of the proceeds of the forfeited assets, and past payments made in similar cases are declared within the authority of the Central Bank. (Section 2)
- The decree is effective immediately. (Section 3)