Section 1
SECTION 1. Section 7 of Presidential Decree No. 6-A, dated September 21, 1972 is hereby amended to read as follows: "SEC. 7. Authority to Borrow. — The President of the Philippines, in behalf of the Republic of the Philippines, may contract loans, credits or indebtedness with any foreign source or lender, under such terms and conditions as may be agreed upon, any provisions of law, including Republic Act Numbered Forty-eight hundred and Sixty as amended, Act Numbered Forty-two hundred and Ninety-nine, Commonwealth Act Numbered one hundred and thirty-eight, Commonwealth Act Numbered Five hundred forty-one, Republic Act Numbered Nine Hundred Twelve, Republic Act Numbered Fifty-one hundred eighty-three, and other related laws to the contrary notwithstanding, for a total amount not exceeding one hundred million United States Dollars or the equivalent thereof in other currencies, as may be necessary to meet the direct and indirect foreign exchange requirements and the peso costs of the projects authorized under this Decree, including studies, surveys, equipment, machineries, supplies, construction, installation and related services of any such projects: Provided, That the manner of application and utilization of the loan proceeds herein provided shall likewise apply to existing credit agreements: Provided, further, That the loans, credits or indebtedness are incurred on terms of payment of not less than ten (10) years.