Section 13
SEC. 13. Borrowing Powers— The Authority may after consultation with the Central Bank and the Department of Finance, and with the approval of the President of the Philippines, raise funds, either from local or international sources, by way of loans, credits or indebtedness or issue bonds, notes, debentures, securities, and other borrowing instruments, including the power to create pledges, mortgages, and other voluntary liens or encumbrances on any of its assets or properties. All loans contracted by the Authority under this Section together with all interests and other sums payable in respect thereof, shall constitute a charge upon all the revenues and assets of the Authority and shall rank pari passu with one another, but shall have priority over any other claim or charge on the revenue and assets of the Authority: Provided, That this provision shall not be construed as a prohibition or restriction on the power of the Authority to create pledges, mortgages and other voluntary liens or encumbrances on any property of the Authority. Except as expressly authorized by the President of the Philippines, the total outstanding indebtedness of the Authority in the principal amount in local and foreign currency shall not at any time exceed the net worth of the Authority at the relevant time. The President of the Philippines, by himself or through his duly authorized representative, is further hereby authorized to guarantee in the name and on behalf of the Republic of the Philip pines, the payments of the loans or other indebtedness of the Authority up to the amount herein authorized. All interests paid or payable by the Authority on its loans or other forms of indebtedness shall be exempt from taxes of whatsoever nature.