Section 3
SEC. 3. All balances to the credit of appropriations prior to this Act on the books of the Auditor and available for withdrawal are hereby made available for withdrawal in local currency at the authorized rate at the time of such withdrawal, except such appropriations as may have been made payable in United States currency, and all available local currency heretofore appropriated and in the hands of disbursing officers shall be available for disbursement at the authorized ratio at the time of payment. Nothing in this paragraph shall be construed as authorizing the payment of any amount in local currency in excess of the amount originally made payable in such local currency for a specific purpose by the Act appropriating the money for the payment thereof. No moneys appropriated by this Act are available for withdrawal in other than local currency. In any case where it appears to the satisfaction of the Secretary of Finance and Justice that any obligation of the Philippine Government, entered into by contract, or otherwise, is legally payable only in United States currency, and the appropriation available therefor is in local currency, the Secretary of Finance and Justice may authorize the Treasurer of the Archipelago to transfer to the proper disbursing officer the amount of United States currency required for said payment in exchange for the equivalent amount of local currency at the authorized rate of exchange at the time such exchange is made. Notice of such exchange with the authority therefor shall be given forthwith to the Auditor by the Treasurer and disbursing officer concerned. No contract or obligation of the Insular Government entered into by the head of any Department, Bureau, or Office shall hereafter be made payable only in United States currency, but may be made payable in United States currency or its equivalent in local currency, at the ratio authorized by the Civil Governor at the time of payment, at the option of the Government.