Section 8
SECTION 8. The following transactions shall be excluded in the computation of the lending ceilings: The discount of bills of exchange drawn in good faith against actually existing values and discount of commercial or business paper actually owned by the person negotiating the same shall not be considered as money borrowed; Loans secured by obligations of the Central Bank or of the Philippine Government; Loans fully guaranteed by the government as to the payment of principal and interest; Loans to the extent covered by holdout on, or assignment of deposits in the Bank and held in the Philippines or abroad; Loans and acceptances under letter of credit to the extent covered by margin deposits; Loans for the establishment, promotion or expansion of export trade or industry approved by the Monetary Board of the Central Bank as excluded in the computation of the lending ceilings; Other loans or credits which the Monetary Board of the Central Bank may, from time to time, determine as excluded in the computation of lending ceilings upon request of the Board of Directors of the Bank.