Section 1
SECTION 1. Sections 1 and 2 of Presidential Decree No. 1883 are hereby amended to read as follows: "Section 1. Blackmarketing of, and other illegal acts involving foreign exchange.—The trading, purchase or sale of foreign exchange without any lawful authority shall constitute blackmarketing of foreign exchange under this Section and any person found committing such acts shall upon conviction suffer the penalty of reclusion temporal (minimum of 12 years and one day and maximum of 20 years) and/or a fine of not less than Fifty Thousand (P50.000.00) Pesos. Failure or refusal by any authorized foreign exchange trader or dealer to issue Official Central Bank Receipts for the purchase or sale of foreign exchange, or failure to remit and/or declare foreign exchange purchased in accordance with the existing rules and regulations on foreign exchange shall likewise constitute blackmarketing and any person found committing such acts shall, upon conviction, suffer the penalty prescribed above. The possession of foreign exchange equivalent to not less than Ten Thousand US Dollars (US$10, 000.00) by any person who does not have legitimate source of or lawful authority to possess foreign exchange shall be prima facie evidence of blackmarketing.