Foreign Loans.
Section 14
SECTION 14. Foreign Loans. — The Corporation as well as any affiliate corporation in which it holds, owns and/or controls by itself or jointly with one or more government-owned or controlled corporations at least seventy-five percent (75%) of the issued and outstanding shares of stock entitled to vote, is hereby authorized to contract loans, credits and indebtedness in any convertible foreign currency or in capital goods from foreign governments, or any international financing institutions or fund sources, or any other entities, on such terms and conditions as it shall deem appropriate for the accomplishment of its purposes, and to enter into and execute agreements and other documents specifying such terms and conditions. The Republic of the Philippines, through the President of the Philippines or his duly authorized representative, may guarantee, absolutely and unconditionally, as primary obligor and not as surety merely, the payment of any such loan, credit and indebtedness, secured by the Corporation or any of its affiliate companies as provided above, which may be over and above the amount which the President of the Philippines is authorized to guarantee under Republic Act Numbered Sixty One Hundred Forty-Two, as amended, as well as the performance of all or any of the obligations undertaken by the Corporation pursuant to agreements entered into with foreign governments or any international financial institutions or fund source. The loans, credits and indebtedness contracted under this subsection and the payment of the principal, interest and other charges thereon, as well as the importation of machinery, equipment, materials, supplies and services, by the Company or any of its affiliate corporations as defined therein, paid from the Act, shall also be exempt from all other charges and restrictions, including import restrictions previously and presently imposed, and to be imposed by the Republic of the Philippines, or any of its agencies and political subdivisions.