Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:

SECTION 1. Any provision of law to the contrary notwithstanding, the Central Philippines Broadcasting Company is hereby authorized to mortgage its franchise granted under Republic Act Numbered Twenty-three hundred and eighty-five, to any government-owned or controlled financial and/or banking institution.

SEC. 2. This Act shall take effect upon its approval.

Approved, June 22, 1963.