Section 4
SECTION 4. The President may authorize the lending of the proceeds of such loans, credits or indebtedness to the Development Bank of the Philippines, which shall administer said proceeds in accordance with the agreement with foreign creditor, for relending, subject to terms and conditions which the President may impose, to the principal contractor or sub-contractor, to meet the direct peso costs of projects authorized under this Decree; Provided, That the Development Bank of the Philippines shall pay the Republic of the Philippines at least the principal, interest and other charges on such loans, credit or indebtedness turned over to it. The Development Bank of the Philippines, with the approval of the President of the Philippines, may also guarantee such loans, credits or indebtedness secured by a principal contractor or subcontractor directly from local or foreign sources to cover all or part of the cost of performance of contracts herein referred to.