Authority to Borrow.
Section 7
SEC. 7. Authority to Borrow. — The President of the Philippines, in behalf of the Republic of the Philippines, may contract loans, credits or indebtedness with any foreign source or lender, under such terms and conditions as may be agreed upon, any provisions of law, including Republic Act Numbered Forty-eight hundred and sixty as amended by Republic Act Numbered Sixty-one hundred and forty-two, Act Numbered Forty-two hundred and thirty-nine, Commonwealth Act Numbered One hundred thirty-eight, Commonwealth Act Numbered Five hundred forty-one, Republic Act No. 912, Republic Act Numbered Fifty-one hundred eighty-three, and other related laws to the contrary notwithstanding, for a total amount not exceeding one hundred million United States dollars or the equivalent thereof in other currencies, as may be necessary to meet the direct and indirect foreign exchange requirements of the projects authorized under this Decree, to cover the costs of feasibility studies, equipment, machineries, supplies, construction, installation and related services of any such projects: Provided, That the loans, credit or indebtedness authorized herein shall be incurred on terms of payment of not less than ten (10) years.