Section 1
SECTION 1. There is hereby established a Foreign Funds Control Office under the Department of Finance with authority, during the existence of the national emergency resulting from the war or so long as it may be necessary in the public interest, to exercise financial control over, and to investigate, regulate, direct and compel, nullify, void, prevent or prohibit any holding of, or dealing in, or exercising of any right, power or privilege with respect to any property within the Philippines or any transaction involving such property in which any enemy country or national thereof has any interest.