Question & AnswerQ&A (Republic Act No. 7)
The primary purpose of Republic Act No. 7 is to establish the Foreign Funds Control Office with authority to exercise financial control over any property within the Philippines or transactions involving such property in which any enemy country or national thereof has any interest, especially during the existence of a national emergency resulting from the war.
The Foreign Funds Control Office is established under the Department of Finance.
The Foreign Funds Control Office can investigate, regulate, direct, compel, nullify, void, prevent, or prohibit any holding of or dealing in property within the Philippines involving any enemy country or national thereof, and exercise any right, power, or privilege with respect to such property or transactions.
The Foreign Funds Control Office can require any person to keep full records and to furnish under oath complete information related to any act, transaction, or property involving enemy countries or nationals, and can require the production or seizure of relevant books of accounts, records, contracts, letters, memoranda, or other papers.
A "national" includes any foreigner who has levied war against the United States or the Commonwealth of the Philippines, adhered to or aided an enemy country during the war; any foreigner acting for the benefit of such enemy country; and any Filipino citizen with pending charges for treason or other crimes against national security.
Yes, with the approval of the President, the Foreign Funds Control Office may prescribe further definitions and make rules and regulations necessary or expedient to enforce the law.
Violations can be punished by a fine not exceeding twenty thousand pesos, or imprisonment not exceeding ten years, or both, at the discretion of the court.
An appropriation of fifty thousand pesos was provided out of the Treasury funds upon the recommendation of the Secretary of Finance with the approval of the President.
This Act took effect upon its approval on August 9, 1946.
No, its authority lasts during the existence of the national emergency from the war or as long as necessary in the public interest.