Corporate Powers.
Section 3
SEC. 3. Corporate Powers. — The Corporation shall have the following powers and functions, among others: to prescribe its By-Laws; to adopt, alter and use a corporate seal; to own real or personal property, and to sell, alienate, mortgage, encumber or otherwise dispose of the same; to make contracts, and to sue and be sued; to employ such officers and personnel as may be necessary or proper to carry on its business; to acquire, lease or maintain, whether on land, water or air, personal property and such other equipment and facilities as may be necessary or proper to carry out its purposes; to import, buy, sell, or otherwise trade or deal in merchandise, goods, wares and objects of all kinds and descriptions that may be necessary or proper to carry out the purposes for which it has been created; to enter into, make, perform, and carry out contracts of every kind and for any lawful purpose pertaining to the business of the Corporation, or in any manner incident thereto, as principal, agent or otherwise, with any person, firm, association, or corporation. to borrow money from local or foreign sources as may be necessary or proper for its operations; to invest its funds as the Corporation may deem necessary or proper in any activity related to its principal operation, including in any bonds or securities issued or guaranteed by the Government of the Philippines; to perform such other powers and functions as may be provided by law; and to do anything and everything necessary, proper, desirable, convenient or suitable for the accomplishment, of any of the purposes or the attainment of any of the objects or the furtherance of any of the powers herein stated, either alone or in' association with other corporations, firms or individuals, and to do every other act or thing incidental, pertaining to, growing out of, or connected with, the aforesaid purposes, objects or powers, or any part thereof.