Authorizing The Grant Of Assistance To Primary Gold Producers
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Authorizing The Grant Of Assistance To Primary Gold Producers
Presidential Decree No. 1070
January 18, 1977
Case Overview and Summary
PRESIDENTIAL DECREE NO 1070Assistance to Primary Gold Producers
- Provides assistance to domestic primary gold producers due to low international gold prices, to prevent curtailment or stoppage of mining operations and protect workers' livelihood. (Section 1)
- Assistance amount to be fixed by executive order of the President upon recommendation of the Central Bank's Monetary Board. (Section 1)
- Primary gold mine production to be disposed of according to Central Bank regulations. (Section 1)
- Assistance administered by the Gold Mining Industry Assistance Board created under Republic Act No. 3089, as amended. (Section 2)
- Appropriates funds from the National Treasury to provide assistance and cover additional expenses of the Assistance Board. (Section 3)
- Authorizes the Central Bank to pay into the National Government's General Funds from its prior years' profits from gold sales, to fund the assistance. (Section 4)
- Decree takes effect immediately. (Section 5)
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Executive Issuances
Presidential Decrees
primary gold producers
assistance
international market price of gold
mining operations
workers
Central Bank
Monetary Board
Gold Mining Industry Assistance Board
Republic Act No. 3089
National Treasury
appropriations
Central Bank profits
gold sales
Law
Authorizing The Grant Of Assistance To Primary Gold Producers
Presidential Decree No. 1070
•January 18, 1977
PRESIDENTIAL DECREE NO 1070
AUTHORIZING THE GRANT OF ASSISTANCE TO PRIMARY GOLD PRODUCERS
WHEREAS, the continuing low level of the international market price of gold has placed domestic primary gold producers in a precarious financial condition threatening the continued operation of the industry;
WHEREAS, thousands of workers and their families who are directly dependent on the gold mining industry stand to suffer most in the event of curtailment or stoppage of mining operations.
WHEREAS, during this period of difficulty for primary gold producers and uncertainty as to the future international market price of gold, there is a need to provide assistance to the gold mining industry;
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 the following;
Section 1. A domestic primary gold producer shall, upon application, be entitled to receive such assistance as may be fixed by executive order of the President of the Philippines upon recommendation of the Monetary Board of the Central Bank. The production...
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