Section 9Sec./Art. 9

Development Loans Incentives. Loans extended by a foreign bank's majority-owned subsidiary incorporated under the laws of the Philippines and/or a Philippine bank sixty percent (60%) of the voting stock of which is held by a foreign bank, to finance educational institutions, cooperatives, hospitals and other medical services, socialized or low-cost housing, and to local government units without national government guarantee, shall be included for purposes of determining compliance with the provisions of Presidential Decree No. 717, as amended.