Section four of the same Act is amended to read as follows: "SEC. 4. Special Corporate Powers..
Section 2
SEC. 2. Section four of the same Act is amended to read as follows: "SEC. 4. Special Corporate Powers..—The Authority shall, likewise, have the power to borrow money; float bonds, securities and other certificates of indebtedness with the approval of the Central Bank and the President of the Philippines, which shall be guaranteed by the Philippine Government, both as to principal and interest; to enter into contracts with any person, association or corporation, public or private; to construct hotels, lodging houses, rest houses and other improvements that, in the discretion of ,the Board, may redound to the interests of the Authority; and to appoint such subordinate personnel as may be necessary to accomplish its ends, upon the recommendation of the general manager, and to fix their duties and salaries."