Section 42Sec./Art. 42

Section 113 of the same Act is hereby amended to read as follows:

"Sec. 113. Official Deposits. - The Bangko Sentral shall be the official depository of the Government, its political subdivisions and instrumentalities as well as of government-owned or -controlled corporations. As a general policy, their cash balances should be deposited with the Bangko Sentral, with only minimum working balances to be held by government-owned banks and such other banks licensed to operate in the Philippines as the Monetary Board may authorize.

"The Bangko Sentral may accept deposits and pay interest on such deposits and other similar placements of the Government or of its political subdivisions and instrumentalities, banks and other Bangko Sentral-supervised institutions."