Section 15
SEC. 15. Section 29 of the same Act is hereby further amended to read as follows: "SEC. 29. A savings and mortgage bank shall be any corporation organized for the purpose of accumulating the savings of depositors and investing them, together with its capital, in readily marketable bonds and debt securities; commercial papers and accounts receivables; drafts, bills of exchange, acceptances, or notes arising out of commercial transactions or in loans secured by bonds, mortgages on real estate and insured improvements thereon, and other forms of security or in loans for personal or household finance, whether secured or unsecured, and financing for home building; and home development; and in such other investments and loans which the Monetary Board may determine as necessary in the furtherance of national economic objectives: Provided, however, That investments made and loans granted pursuant to the provisions of this section shall be in conformity with such regulations as the Monetary Board may prescribe. A savings and mortgage bank may also issue a domestic letter of credit denominated in Philippine currency in accordance with such regulations as the Monetary Board may prescribe. "Nothing in this section shall be construed as precluding a savings and mortgage bank from performing, with prior approval of the Monetary Board, commercial banking services, or from operating under an expanded commercial banking authority, nor from exercising, whenever applicable and not inconsistent with the provisions of this Act and Central Bank regulations, such other powers incident to a corporation. "Notwithstanding any provision in any other Act to the contrary, savings and mortgage banks may lend money against the security of jewelry, precious stones and articles of similar nature, subject to such rules and regulations as the Monetary Board may prescribe."