Section 3
SEC. 3. The grantee is hereby authorized to mortgage this franchise and its assets in favor of the Electrification Administration, the Philippine National Bank and its subsidiaries, the Development Bank of the Philippines or any other lending institution subject to the approval of the Public Service Commission. The Development Bank of the Philippines is hereby authorized to obtain foreign loans for re-lending to the grantee pursuant to the provisions of section three of Republic Act Numbered Four thousand eight hundred sixty.