Section 3Sec./Art. 3

Section 2 of Presidential Decree No. 1080, as amended, is hereby amended, to read as follows:

"Section 2. Primary Purposes. – The primary purposes of the Corporation shall be as follows:

"a) To guarantee, with the prior concurrence of the Monetary Board, subject to the rules and regulations that the Monetary Board may prescribe, approved foreign loans, in whole or in part, granted to any entity, enterprise or corporation organized or licensed to engage in business in the Philippines;

"b) To guarantee Philippine banking and financial institutions against loss that may be incurred in connection with (1) the grant of loans/credit accommodation to exporters, producers of export products, or contractors with approved service contracts abroad, organized or licensed to engage in business in the Philippines, and (2) with the prior concurrence of the Monetary Board, subject to the rules and regulations that the Monetary Board may prescribe, the issuance of stand-by Letters of Credit or Letters of Guarantee, as the case may be, to secure the performance of approved service contracts abroad entered into by any entity or corporation organized or licensed to engage in business in the Philippines;

"c) To provide insurance cover, credits and appropriate services to facilitate the export of Philippine goods and services by any entity, enterprise or corporation organized or licensed to engage in business in the Philippines; and

"d) To guarantee or provide insurance cover for investments of any entity, enterprise or corporation organized or licensed to engage in business in the Philippines."