Question & AnswerQ&A (Republic Act No. 1522)
The primary purpose of Republic Act No. 1522 is to extend the effectivity of Republic Act No. 1164, known as the Emergency Gold Mining Assistance Act of the Philippines, by amending specific provisions to continue providing assistance to gold producers.
A 'Gold producer' or 'Gold mine' means any person, corporation, partnership, or association producing gold either by itself or through an operating agreement on the date of approval of the Act or that engages in gold production during the effectivity of the Act, either as principal product or by-product.
A gold producer can sell newly mined gold either to the government through the Central Bank in the form of refined gold at the official price plus assistance or sell it in the domestic free market without the benefit of assistance.
At least seventy-five percent (75%) of all newly-mined gold produced by each mine as principal product or by-product must be sold to the government in accordance with this Act.
Mines producing gold as by-product are entitled only to the assistance given to mines classified as over the marginal classification, which may differ from the assistance for principal product mines.
The Board may exclude a mine from the benefits if, after due hearing, the mine is found to be discriminating against Filipino technical men, employees, or laborers in matters such as salaries, wages, and management.
The direct short-term assistance provided by the Act is effective until July 18, 1957.
The Central Bank serves as the government entity to which gold producers may sell newly mined gold in refined form at the official price plus assistance.
No, it applies to gold producers producing gold on the date of approval and those engaging in gold production during the effectivity of the Act.
Republic Act No. 1522 took effect upon its approval on June 16, 1956.