Section 1
SECTION 1. The Treasurer of the Philippines, with the approval of the President of the Philippines in each case, equipment; is authorized and directed to purchase from time to time and as they are required for the purpose hereinafter indicated, out of any funds in the Philippine Treasury not otherwise appropriated, such amounts of United States bonds as may be fixed by the Secretary of War, to provide security to the United States against the loss, damage, or destruction of all manner and quantity of military and naval supplies, stores, and equipment which have been or shall hereafter be loaned by the United States or any of its agencies or departments to the Commonwealth of the Philippines.