Section 2
SEC. 2. Section two hundred and ninety-two of Commonwealth Act Numbered Four hundred and sixty-six is hereby amended to read as follows: "SEC. 292. Firearms license fees.—Any person who owns or possesses a license to possess a firearm in accordance with section eight hundred and eighty-eight of the Administrative Code, as amended, shall pay the following initial and annual fees: "For each shotgun held on license: "Initial fee P15.00 "Annual fee 10.00 "For each high-power rifle held on license: "Initial fee P30.00 "Annual fee 20.00 "For each revolver held on license, except caliber .22 revolver: "Initial fee P25.00 "Annual fee 20.00 "For each rifle held on license; except caliber .22 rifle: "Initial fee P30.00 "Annual fee 20.00 "Provided, however, That bona fide and active members of duly organized gun clubs and accredited by the Provost Marshal General shall pay an initial fee of fifteen pesos and an annual fee of five pesos for each firearm held on license, except caliber .22 revolver or rifle: And, provided, further, That the President of the Philippines may grant such reductions or exemptions from the payment of the fees prescribed in this section in favor of Government officers and employees as he may deem expedient or necessary in the interest of peace and order or national security."