Section 3. Section three of the same Act is hereby further amended to read as follows:

"SEC. 3. The President of the Philippines, upon recommendation of the Secretary of Finance, the Monetary Board of the Central Bank of the Philippines and the National Economic Development Authority, is further authorized, in behalf of the Republic of the Philippines, to guarantee such loans, credits or indebtedness as may be necessary and upon such terms and conditions, not inconsistent with this Act, as may be agreed upon with the governments of foreign countries with whom the Philippines has diplomatic or trade relations or which are members of the United Nations, their agencies, instrumentalities or financial institutions or with reputable international organizations or non-governmental national or international lending institutions, loans, credits or indebtedness extended directly to, or bonds, debentures, securities or other evidences of indebtedness for sale in international markets issued by:

"(A) Corporations-owned or controlled by the Government of the Philippines: Provided, That the proceeds of bonds, debentures, securities or other evidences of indebtedness floated or issued, shall be used to undertake industrial, agricultural, or other economic development projects which are authorized by law or by their respective charters, including but not limited to those enumerated in Annex 'A' or by their respective charters and such projects which may from time to time be recommended by the National Economic Development Authority and approved by the President of the Philippines.

"(B) Government-owned or controlled financial institutions for relending to individuals, partnerships, cooperatives, associations or private corporations, whose capital stock, if not fully subscribed, is open to subscription by the general public for projects authorized by the charters of such financial institutions or by law.

"Seventy-five per centum of the total amount authorized to be guaranteed under this section shall be incurred for projects under paragraph "B" hereof; and that of the total amount guaranteed no individual, partnership, cooperative, association or private corporation except development finance corporations using funds supplied by International Bank for Reconstruction and Development, the Asian Development Bank and other similar international financial institutions, shall be allowed to borrow more than fifteen per centum of the total amount of loans, credits or indebtedness authorized to be guaranteed hereunder."