"SEC. 1. To safeguard the printing of government official receipts, postage stamps, internal revenue stamps, strip stamps, stocks and bonds, bank notes, and' other security printing jobs, the National Treasurer shall acquire, with­in ninety days and operate as soon as possible but not later than three years after approval of this Act, a complete security printing plant equipped with the most modern security printing presses which are not available to ordinary commercial printers, specifically those that allow for the  simultaneous  printing  of front and back faces, of super-imposed tints and backgrounds, and the single or multicolor intaglio printing of major designs."

"SEC. 2. All government offices, agencies, instrumentalities and government-owned and/or controlled corporations required or allowed by law, rules or regulations to print and/or issue any of the security papers enumerated in Section one hereof shall, upon approval of this Act, forward a projection of their printing requirements, thru the General Auditing Office, to the National Treasurer which shall print as soon as possible, with security printing presses, such requisitions as are approved by the Auditor General, and at costs, allowing only for a minimal margin to cover administration and operational expenses."

"SEC. 3. When not in use, all original designs, engravings and other printing materials involving the security of the printing shall be kept in a secured vault under the joint custody of a committee composed of the Auditor General as chairman, and the Governor of the Central Bank and the National Treasurer as members, and no design, engraving or other printing material shall be removed therefrom except in the presence of the head of the requisitioning office requiring the same. In the event of the temporary absence or inability of any member of the committee, his duties shall devolve upon the Deputy Auditor General, Assistant National Treasurer, or Deputy Governor of the Central Bank, as the case may be. The committee is hereby authorized to issue rules and regulations governing the custody and removal of materials from the vault: Provided, That in cases of front and back engravings one of these shall be under the custody of the head of the requisitioning office, in such manner that no security printing may be executed by the National Treasurer without the knowledge and approval of such official".

"SEC. 4. To carry out the purposes of this Act, such sums as may be necessary, but in no case to exceed thirty million pesos (P30M) are hereby appropriated, out of any funds in the National Treasury not otherwise appropriated, for the purchase of a complete brand new printing equipment of long proven excellence which provide maximum security features and are most widely used by the leading Central Banks and/or government security printing agencies of the world, for the construction of a building, acquisition of a vault, other security measures, office equipment, airconditioning, salaries and wages, and for setting up a revolving fund of not more than two million pesos for the purchase of special printing paper and other printing supplies and materials: Provided, That the printing equipment shall first be purchased before entering into any contract for the construction of the building or the acquisition of the vault and other accessories mentioned above: Provided, further, That the purchase of all the equipment, the construction of the buildings, and the acquisition of all other accessories mentioned herein shall be made through public bidding, under existing laws, rules and regulations governing the same, by a committee composed of the Secretary of Finance, as chairman, and the National Treasurer and the Governor of the Central Bank, as members ; and a report of the results of each bidding shall be made to the Congress of the Philippines within thirty
days after the award to the successful bidders: Provided, finally, That if the finances of the government do not permit the utilization of the funds in the treasury, the National Treasurer with the approval of the President, is hereby authorized to borrow funds from any local or foreign institution in an amount not exceeding -thirty million pesos for the purposes provided for herein. From the time said printing plant is fully operational, such sums as may be necessary for the yearly operations of the same shall be provided for in the annual appropriations Act. The National Treasurer shall make an annual report of all loans and/or expenditures authorized under this Act to the Congress of the Philippines not later than the 31st day of January of each calendar year.

"All loans obtained under this Act shall be fully guaranteed by the Republic of the Philippines both as to principal and interest. In the event that the income from the operation of the printing plant shall not be sufficient to pay said principal and interest and the sum appropriated herein is not yet available for such payment, the Central Bank shall advance the amounts thereof out of its surplus funds, not otherwise appropriated. Thereupon the amounts so advanced shall be reimbursed by the National Treasurer from whatever payments he shall received for security printing jobs undertaken and from the fund appropriated herein, and such reimbursements shall automatically accrue to the surplus funds of the Central Bank."

"SEC. 5. Subject to the approval of the President, the National Treasurer shall issue such rules and regulations as may be necessary to carry out the implementation of this Act, Rules and regulations which affect other government offices and the general public, shall take effect thirty days after publication in the official gazette".