Section 1
SECTION 1. The President of the Philippines is authorized to issue in the name and behalf of the Commonwealth of the Philippines, bonds to the amount of twenty million pesos in one or more series for a term not exceeding thirty years. He shall determine the form of the bonds, and the rates and dates of payment of the interest thereon, which rate shall not be in excess of five per centum per annum. The bonds may be coupon bonds or registered bonds, in the discretion of the President of the Philippines, and shall be registered in the Treasury of the Philippines, where the principal and interest shall be payable in Philippine currency or its equivalent in United States currency, in the discretion of the Secretary of Finance. The President of the Philippines is further authorized to sell said bonds in the Philippines at public auction or, otherwise, through the Treasurer of the Philippines, upon such terms and conditions as in his judgment are most favorable to the Commonwealth of the Philippines and he shall deposit the proceeds of the sale thereof with the Treasurer of the Philippines to the credit of the Philippine Treasury. Sale of bonds without public bidding shall be at not less than par value.