PRESIDENTIAL DECREE No. 708

AMENDING THE PROVISIONS PERTINENT TO THE GRANT OF REWARD UNDER REPUBLIC ACT NO. 4712 AND REPUBLIC ACT NO. 4713, ENTITLED, "AN ACT AMENDING CERTAIN SECTIONS OF THE TARIFF AND CUSTOMS CODE OF THE PHILIPPINES" AND "AN ACT AMENDING CERTAIN SECTIONS OF COMMONWEALTH ACT NUMBERED FOUR HUNDRED SIXTY-SIX AS AMENDED, OTHERWISE KNOWN AS THE NATIONAL INTERNAL REVENUE CODE", RESPECTIVELY

I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby order and decree:

Section 1. The provisions of Section 1 of R.A. No. 4712, and Section 5 of R.A. No. 4713, to the contrary notwithstanding, the amount to be paid to persons instrumental in the discovery and seizure of smuggled goods shall be limited to a cash reward equivalent to five (5%) per centum of the fair market value thereof.

Section 2. All laws, acts, decrees, orders, and regulations inconsistent herewith are deemed repealed and/or modified accordingly.

Section 3. This Decree shall take effect upon its approval.

DONE in the City of Manila, this 27th day of May, in the year of Our Lord, nineteen hundred and seventy-five.