Section 1
SECTION 1. Section two of the Republic Act No. 337, is hereby amended to read as follows: "SEC. 2. Only entities duly authorized by the Monetary Board of the Central Bank may engage in the lending of funds obtained from the public through the receipt of deposits of any kind, and all entities regularly conducting such operations shall be considered as banking institutions and shall be subject to the provisions of this Act, of the Central Bank Act, and of other pertinent laws. The terms 'banking institution' and "bank''', as used in this Act, are synonymous and interchangeable and specifically include commercial banks, savings banks, mortgage banks, development banks, rural banks, stock savings and loan associations, and branches and agencies in the Philippines of foreign banks hereinafter called Philippine branches, "The Monetary Board may regulate the activities of the persons and entities which act as agents of banks. In no case may the Monetary Board authorize the drawing of checks against deposits not maintained in banks or branches or agencies thereof."