Section 13Sec./Art. 13

Section 13 of the same Act is hereby amended to read as follows:

"The Corporation is authorized to borrow from the Central Bank of the Philippines and the Central Bank is authorized to lend the Corporation on such terms as may be agreed upon by the Corporation and the Central Bank, such funds as in the judgment of the Board of Directors of the Corporation are from time to time required for insurance purposes including those provided for in Section 12(c) of this Act:Provided,That any such loan as may be granted by the Central Bank shall be consistent with monetary policy: andProvided, further,That the rate of interest thereon shall be fixed by the Monetary Board but shall not exceed the treasury bill rate.

"When in the judgment of the Board of Directors the funds of the Corporation are not sufficient to provide for an emergency or urgent need to attain the purposes of this Act, the Corporation is likewise authorized to borrow money, obtain loans or arrange credit lines or other credit accom modations from any bank designated as depository or fiscal agent of the Philippine Government:Provided,That such loan shall be of short term duration."