Section 6
SECTION 6. Whenever necessary or advisable in Bank of the subdivisions and instrumentalities of the Republic of the Philippines, corporations, including financial institutions owned or controlled by the Government of the Republic of the Philippines and corporations more than fifty percent of the beneficial ownership of which is held by one or more of such owned or controlled corporations, and (ii) foreign currency loans, credits and indebteness related to the financing of trade and directed by the Central Bank of the Philippines to specific private sector obligors or borrowers, upon such terms and conditions as may be agreed with the lenders, creditors or suppliers. Subject to the terms and conditions contained in such guarantees issued by the Republic of the Philippines under this Decree, the liability of the Republic of the Philippines under any such guarantee shall be unconditional, irrespective of any circumstance (other than payment in full) which might otherwise constitute a defense available under Philippine law to the principal obligor or to the Republic of the Philippines in respect of such guarantee.