Section 2
SEC. 2. Section seventy-five of the same Act is hereby amended to read as follows: "SEC. 75. Powers in General. — The Bank shall have the power: "1. To prescribe, repeal and alter its own by-laws to determine its operating policies, and to issue such rules and regulations as may be necessary; "2. To adopt, alter and use a corporate seal; "3. To hold, purchase, acquire and own real and personal property, introduce necessary improvements thereon to enhance and develop their social and economic values, and to sell, mortgage or otherwise dispose of the same; "4. To sue and be sued, make contracts, negotiate and secure loans from both local and foreign sources. Before undertaking any such credit operation, the Bank, through the Secretary of Finance, shall request the opinion, in writing, of the Monetary Board on the monetary implications of the contemplated action. All loans from foreign sources shall be subject to approval by the President of the Philippines and shall be fully guaranteed by the Philippine Government; "5. To grant short, medium and long term loans and advances against security of real estate and/or other acceptable assets for the establishment, development or expansion of agricultural, industrial, home building or home financing projects and other productive enterprises; "6. To grant loans to farmers' cooperatives/associations to facilitate production, marketing of crops and acquisition of essential commodities; "7. To finance and/or guarantee the acquisition, under Presidential Decree No. 85, dated December 25, 1972, of farm lots transferred to tenant-farmers pursuant-to Presidential Decree No. 27, dated October 21, 1972; "8. To underwrite, hold, own, purchase, acquire, sell, mortgage, dispose or otherwise invest or reinvest in stocks, bonds, debentures, securities and other evidences of indebtedness of other corporations and of the Government or its instrumentalities which are issued for or in connection with any project or enterprises; "9. The provision of any law to the contrary notwithstanding, to guarantee acceptance(s), credits, loans, transactions or obligations of any person co-partner ship, association or corporation in favor of any financing or banking institution whether Foreign or domestic: Provided, That the proceeds of such acceptances, credits, loans, transactions or obligations are utilized or earmarked for the development and/or expansion of agriculture and industry; "10. To borrow from, or rediscount notes, bills of exchange and other commercial papers with, the Central Bank. The rate of interest to be charged and the conditions on such obligations or borrowings shall be subject to the rules and regulations of the Monetary Board; "11. To act as trustee, or administer any trust or hold property in trust in accordance with the provisions of law governing trust corporations; and "12. To exercise the general powers mentioned in the Corporation Law and the General Banking Act, as amended, insofar as they are not inconsistent or incompatible with this Decree."