Section 3
SEC. 3. The President of the Philippines is authorized to issue in the name and on behalf of the Republic of the Philippines bonds to the amount not exceeding ten million pesos for a term of thirty years secured by the bonds of the Province of Iloilo herein authorized and conveyed and transferred to the National Government as provided in Sections one and two hereof. The Secretary of Finance, in consultation with the Monetary Board, shall prescribe the form, the rate of interest, the denominations, maturities, negotiability, convertibility call and redemption features, and all other terms or conditions of issuance, placement, sale, servicing, redemption, and payment of all bonds issued under the authority of this section. The bonds issued under the authority of this section may be made payable as to principal and interest in Philippine currency or United States currency. The bonds to be issued under this section shall be exempt from taxation, including the tax and margin charge on foreign exchange, by the Government of the Republic of the Philippines or by any political and municipal subdivision thereof, which fact shall be stated on their face, and shall likewise be exempt from attachment, execution or seizure.