Section 1
SECTION 1. Section 2 of said Act, as amended, is further amended to read as follows: "SEC. 2. The total amount of loans, credits or indebtedness, excluding interests and other normal banking charges which shall not be in excess of those imposed or charged by the International Bank for Reconstruction and Development, the Asian Development Bank or other reputable international organization or non-governmental national or international lending institution, which the President is authorized to incur under Section one of this Act shall not exceed ten billion United States dollars or its equivalent in other foreign currencies at the exchange rate prevailing at the time the loans, credits or indebtedness are incurred at terms of payment of not less than 10 years except those contracted in the interest of national security and rehabilitation resulting from natural calamities: Provided, That the price, interest rates and other charges on loans, credits or indebtedness from non-governmental national or international lending institutions or firms extending supplier's credits or deferred credit arrangements shall be determined by the rules and regulations which may be promulgated by the Central Bank: Provided, finally, That seventy-five per centum of such total authorized amount of ten billion United States dollars or its equivalent in other currencies shall be incurred for projects of the public sector and twenty-five per centum thereof shall be utilized for projects of the private sector and that no individual, partnership, cooperative, association or private corporation shall be allowed to borrow more than fifteen per centum of the total of such loans, credits, indebtedness authorized to be incurred for relending by the Development Bank of the Philippines or any other government financial institution except those who may undertake projects whose financial requirements are in excess of such limitation, in which case the recommendation of the National Economic and Development Authority and the approval by the President to exceed such limit is required. "The Central Bank of the Philippines shall promulgate and enforce such measures as shall be necessary to reduce the external debt service requirements to an annual level not exceeding twenty per centum of the foreign exchange receipts of the immediately preceding year, provided that, whenever necessary in connection with a general rescheduling, restructuring or refinancing of the external debt of the Philippines by foreign creditors, the President of the Philippines, upon recommendation of the Monetary Board of the Central Bank of the Philippines, may exclude specific categories of external debt from such ceiling."