QuestionsQuestions (LETTER OF INSTRUCTIONS No. 1356)
To direct the Central Bank of the Philippines to establish a reward system for information leading to the arrest and conviction of persons violating Presidential Decree (PD) No. 1883, and for the forfeiture of the foreign exchange and Philippine currency confiscated or seized as a consequence of the violation.
Presidential Decree No. 1883.
Because blackmarketing and salting of foreign exchange are pernicious to the national economy, particularly the balance of payments of the country.
It must lead to (1) the arrest and (2) the conviction of persons violating PD No. 1883, and to the forfeiture of the foreign exchange and Philippine currency confiscated or seized as a consequence of the violation.
It is 20% of the proceeds of the foreign exchange and Philippine currency actually forfeited to the National Government, or P50,000.00, whichever is higher.
It is based on the proceeds of the foreign exchange and Philippine currency actually forfeited to the National Government.
P50,000.00.
The reward is 20% of the proceeds of the foreign exchange and Philippine currency actually forfeited to the National Government (as long as this is higher than P50,000.00).
When 20% of the proceeds forfeited to the National Government would be less than P50,000.00, the informer receives P50,000.00 as the higher amount.
The Central Bank is authorized to pay the informer's reward.
Out of the proceeds of exported and imported goods, foreign exchange, and Philippine currency forfeited to the National Government or from funds appropriated by the Monetary Board for this purpose.
The reward system is linked not only to arrest and conviction, but also to the forfeiture of foreign exchange and Philippine currency confiscated or seized as a consequence of the PD No. 1883 violation.
To ensure informers are adequately compensated given the attendant risks of providing information to authorities, and to make the reward attractive enough to encourage cooperation.
The Central Bank of the Philippines.
Immediately upon issuance/effectivity, as stated in the document.
Ferdinand E. Marcos, President of the Philippines, by virtue of the powers vested in him by the Constitution.
It expressly covers proceeds of both foreign exchange and Philippine currency that are actually forfeited to the National Government as a result of violations of PD No. 1883.