Extraordinary advances to the Government.
Section 137
SEC. 137. Extraordinary advances to the Government. —Notwithstanding any provisions in the present Act to the contrary, the Central Bank may, until June 30, 1951, make direct advances to the Government when, in the opinion of the Monetary Board, the international reserve is adequate to meet all foreseeable demands upon it and when such advances are consistent with the achievement of the Boards objective of domestic monetary stability. The total advances made under the authority of this section shall not exceed two hundred million (P200,000,000) pesos. The Bank shall make the above advances only against an equivalent amount of negotiable government securities having maturities which, insofar as possible, are appropriate to the uses to which the advances will be put, but which in no case shall exceed 15 years. In order .to permit their resale by the Central Bank, the securities shall be in denominations and bear interest rates which will make them attractive to the banks and to the public. Advances shall be made only for certain purposes specifically authorized by law, and shall be made only for productive and income-producing projects, or for the repayment or servicing of external obligations of the Government.