Section 3
SEC. 3. There is hereby appropriated out of any in the National Treasury not otherwise appropriated or from loans which may be contracted either locally or abroad for the purpose, by the National Development Company through an agency of the Philippine Government for the fiscal year ending June thirty, nineteen hundred and fifty-six, and for each of the four fiscal years thereafter, the sum of twenty million pesos annually for the construction, purchase, or acquisition of ocean-going vessels for the purpose of resale, lease or charter to persona, associations or corporations referred to in section two of this Act. The fund may also be invested in loans to citizens of the Philippines or to associations or corporations organized under the laws of the Philippines, at least sixty per cent of the capital of which is owned by citizens of the Philippines, for the purpose of financing the construction, purchase, or acquisition and operation by such citizens, associations or corporations of ocean-going vessels.