Revaluation profits and losses.
Section 44
SEC. 44. Revaluation profits and losses.—The revaluation profits or losses made or assumed by the Central Bank m accordance with the provisions of sections 77 and 83 of this Act shall not be included in the computation of the annual profits and losses of the Central Bank. Any profits or losses arising in this manner shall be offset by any amounts which, as a consequence of such revaluations are owed by the Philippines to the International Monetary Fund and the International Bank for Reconstruction and Development or are owed by these institutions to the Philippines. Any remaining profit or loss shall be carried in a special frozen, account which shall be named "Revaluation of International Reserve" and the net balance of which shall appear either among the liabilities or among the assets of the Central Bank, depending on whether the revaluations have produced net profits or net losses. The Revaluation of International Reserve account shall be neither credited nor debited for any purposes other than those specifically authorized in the present section or in section 45 of this Act.