Section 3
SEC. 3. The President of the Philippines is hereby authorized to contract such loans, credits and indebtedness under the provisions of Section one of Republic Act Forty-eight hundred and sixty as may be necessary to enable the Republic of the Philippines to finance the foreign currency requirements of the Project which shall not exceed sixty million United States dollars, the equivalent thereof in other currencies. The total proceeds of such loans, credits and indebtedness are hereby appropriated to the National Irrigation Administration to be used exclusively for the construction of the project.