Every Federal reserve bank shall maintain reserves in gold or lawful money of not less than thirty-five per centum
against its deposits and reserves in gold of not less than forty per centum
against its Federal reserve notes in actual circulation.
It cited Item 4 of the COA circular issued in April 1985, which limits a government employee's 'extra compensation' equivalent to '50 per centum
of his annual salary.
Section 11, Article XII of the 1987 Constitution provides that "no franchise, certificate, or any other form of authorization for the operation of a public utility shall be granted except to citizens of the Philippines or to corporations or associations organized under the laws of the Philippines, at least sixty per centum
of whose capital is owned by such citizens.
The 40 percent share shall be paid within 30 working days upon submission of the partner-employer or participating establishment of their report on payment of salary or wages which shall be the basis for the 40 per centum
salaries or wages to be paid by the government through the DOLE.