Section 2
SEC. 2. Section one hundred ninety-seven of the same Act is hereby amended to read as follows: "SEC. 197. No insurance corporation shall loan any of its money or deposits to any person, corporation or association, except upon first mortgages or deeds of trust of unencumbered, improved or unimproved real estate, in cities and centers of population of municipalities in the Philippines when the amount of such loan is not in excess of sixty per centum of the market value of such real estate; or upon the security of first mortgages or deeds of trust of actually cultivated, improved and unencumbered agricultural lands in the Philippines when the amount of such loans is not in excess of forty per centum of the market value of such kind; or upon the purchase of money mortgages or like securities received by it upon the sale or exchange of real property acquired pursuant to Section two hundred or Section two hundred-A of this Act; or upon bonds or other evidences of debt of the Government of the Philippines or its political subdivisions authorized by law to issue bonds, or upon bonds or other evidences of debt of government-owned or controlled corporations and instrumentalities including the Central Bank; or upon obligations issued or guaranteed by the International' Bank for Reconstruction and Development; or upon stocks, bonds or other evidences of debt as are specified in Section two hundred of this Act: provided, however. That a life insurance corporation may lend to any of its policyholders upon the security of the value of its policy a sum not exceeding the legal reserve which it is required to maintain thereon: Provided, further, That no loan upon the security of real estate shall have a maturity in excess of twenty years: And, provided, finally, And where such loans upon the security of real estate are granted for a period longer than five years, payments thereof shall be made in monthly, quarterly, semi-annual or annual installments."