Section 4
SEC. 4. The proceeds of the levy under this Act shall be used as follows: Fifty per centum of the collection shall be deposited with the Central Bank in a Special Account which shall be used exclusively for (1) servicing domestic and foreign debts of the national government, (2) retiring the existing debts of the national government held by the Central Bank which includes treasury notes, government bills or certificates, securities and bonds, and (3) amortizing the existing budgetary deficit under the general fund: Provided, however, That no portion of this amount shall be applied to the payment of the subsequent overdraft of the national government; Twenty-five per centum of the collection shall be deposited with the Central Bank in a Special Account which shall provide for the counterpart requirements of projects financed by the Asian Development Bank, the International Bank of Reconstruction and Development and other United Nations agencies, and other projects financed by loans under bilateral agreements; and Twenty-five per centum, of the collection shall be deposited with the Development Bank of the Philippines in a Special Account for the purpose of granting loans to export industries and agricultural development projects in the private sector especially those directly affected by the levy, including financing of industries adversely affected by Central Bank Circular 289: Provided, That, priority shall be given to loans for the processing of raw materials for export.