Section 17
SEC. 17. When, in the opinion of the Board of Governors, an unusual and exigent occasion has arisen making it necessary or expedient that action shall be taken for the purpose of regulating credit in the interest of Philippine trade, commerce, industry and agriculture, the Reserve Bank, may, under rules and regulations prescribed by the Board, purchase and sell in the open market, at home or abroad, either from or to domestic or foreign banks,, firms, corporations, or individuals, cable transfers, bank acceptances and bills of exchange of the kinds and maturities eligible for rediscount or purchase, with or without the endorsement of a member bank.