Section 14Sec./Art. 14

Section 24 of the same Act is hereby further amended to read as follows:

"ISSUANCE OF BONDS, DEBENTURES, AND OTHER OBLIGATIONS

"Section 24. With the approval of the President of the Philippines, upon the recommendation of the Department of Finance, the Corporation is authorized to issue bonds, debentures, and other obligations, both local or foreign, as may be necessary for purposes of providing liquidity for settlement of insured deposits in closed banks or to facilitate the implementation of financial assistance as provided herein: Provided, That the Board of Directors shall determine the interest rates, maturity and other requirements of said obligations: Provided, further, That the Corporation may provide for appropriate reserves for the redemption or retirement of said obligation.

"x x x."