Section 4. The sum of fifty million pesos shall be taken annually out of the proceeds of the levy under this Act which shall accrue to and form part of the Agrarian Reform Special Account in the General Fund: Provided, however, That the balance of such proceeds shall be used as follows:
Fifty per centum of the balance of the said collection shall be deposited with the Central Bank in a Special Account which shall be used exclusively for (1) servicing domestic and foreign debts of the National Government, (2) retiring the existing debts of the National Government held by the Central Bank which includes treasury notes, government bills or certificates, securities and bonds, and (3) amortizing the existing budgetary deficit under the general fund: Provided, however, That no portion of this amount shall be applied to the payment of the subsequent overdraft of the National Government;
Twenty-five per centum of the same balance of the collection shall be deposited with the Central Bank in a Special Account which shall provide for (1) the counterpart requirements of projects financed by the Asian Development Bank, the International Bank of Reconstruction and Development and other United Nations agencies, and other projects financed by loans under bilateral agreements; and (2) the counterpart funds of the government in the setting up of rural banks and for expanding the capital base of established existing rural banks: Provided, That the amount of ten million pesos annually shall be set aside to augment the government counterpart fund for the establishment of new rural banks and five million pesos to expand the capital base of established rural banks existing as of the date of effectivity of this Act: Provided, further, That the Central Bank may, when necessary, authorize the establishment of more than one rural bank in any municipality or city; and
Twenty-four per centum of the same balance of the collection shall be deposited with the Development Bank of the Philippines in a Special Account for the purpose of granting loans to export industries and agricultural development projects in the private sector, which are directly affected by the levy, including financing of industries adversely affected by Central Bank Circular 289: Provided, however, That priority shall be given to loans for the production and processing of indigenous raw materials for export: Provided, further, That not more than fifty per centum of the proceeds accruing to this Special Account may be utilized as advances for foreign loans directly incurred or guaranteed by the Development Bank of the Philippines in favor of borrowers paying the stabilization tax. The Development Bank of the Philippines shall submit a quarterly report on the status and details of the loan stating among others the name and address of the borrower and the amount of the loan to the joint committee created under this Act and the Committee on Banks of Both Houses of Congress upon request, the provisions of the Charter of the Development Bank of the Philippines or any law to the contrary notwithstanding;
One per centum of the same balance, but not to exceed three million pesos annually, shall accrue to the Board of Investments to be expended in accordance with Section eleven of Republic Act Numbered Sixty-one hundred and thirty-five: Provided, That thirty per centum of the amount shall accrue to and be remitted directly by the Central Bank to the Joint Congressional Special Account Committee created in Section nineteen hereof. The balance, if any, shall accrue to and form part of the Special Account created under paragraph (c) hereof.