Section 8
SEC. 8, Section 14 of the same Act is hereby amended to read as follows: "SEC. 14. With the approval of the President of the Philippines, to issue bonds, debentures, and other obligations whenever its capital or funds are not sufficient to meet its obligations to depositors whose deposits are insured: Provided, That the board of directors shall determine the interest rates, maturity and other requirements of said obligations: Provided, further, That the corporation shall provide for appropriate reserves for the redemption or retirement of said obligations. "All notes, debentures, bonds or such obligations issued by the Corporation shall be exempt from taxation."