Question & AnswerQ&A (EXECUTIVE ORDER NO. 934)
The main purpose is to create a Presidential Anti-Dollar Salting Task Force to investigate, gather evidence, and prosecute cases of dollar salting activities by unscrupulous businessmen, which have been aggravating the country's economic difficulties.
The Minister of Trade and Industry is the Chairman of the Presidential Anti-Dollar Salting Task Force.
Members include the Minister of Natural Resources, Minister of Justice, Governor of the Central Bank, AFP Chief of Staff, Commissioner of Customs, and Commissioner of Internal Revenue.
The Task Force is empowered to gather evidence, investigate, and prosecute all cases related to dollar salting activities, including overvaluation of imports and underdeclaration of exports.
Dollar salting aggravates balance of payment problems, increases pressure on the foreign exchange rate, and fuels inflation.
Over $1 billion was estimated to have been salted away by unscrupulous businessmen in 1983.
All government agencies and instrumentalities are directed to provide full cooperation to the Task Force.
Presidential Decree No. 1883, entitled "Defining the Crimes of Blackmarketing and Salting of Foreign Exchange and Imposing Increased Penalties Thereon," governs the prosecution of dollar salters.
The Executive Order took effect immediately upon its signing on February 13, 1984.
Dollar salting includes the illegal salting away of foreign exchange, overvaluation of imports, and underdeclaration of exports.