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

SECTION 1. To safeguard the printing, issuance, distribution and durability of government official receipts, lottery tickets, internal revenue stamps, strip stamps, official documents, registration certificates, torrens titles, treasury warrants, stocks and bonds, government contracts, ration coupons, passports, identification cards, money order forms, check, banknotes, official ballots, election return forms, and many other security printing jobs, the Department of General Services shall acquire, within ninety days and operate as soon as possible but not later than three years after approval of this Act, a 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 multi-color 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 Department of General Services, which shall print as soon as possible, with security printing presses, such requisitions as approved by the Auditor General, and at cost, allowing only for a minimal margin to cover administration and operational expenses

SEC. 3. The Auditor General shall be the custodian, when not in use, of all original designs, engravings and other printing materials involving the security of the printing; Provided, That in cases of fronts and back engravings these shall be distributed for custody and security between the Auditor General and the Head of the requisitioning office, in such manner that no security printing may be executed by the Department of General Services without the knowledge and approval of both officials.

SEC. 4. To carry out the purposes of this Act, such sums as may be necessary, but in no case to exceed twenty million pesos (P20 M) are hereby appropriated out of any funds in the national treasury not otherwise appropriated: Provided, That, in the opinion of the President of the Philippines, the finances of the government do not permit the utilization of the funds in the treasury, the Secretary of General Services, with the approval of the President, is hereby authorized to borrow funds from any local or foreign institution in an amount not exceeding twenty million pesos to cover the cost of acquisition, installation, establishment and operation for the first year of one modern security printing plant as provided for in Section one.

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 Department of General Services shall be unable to pay said principal and interest, the Central Bank shall advance the amounts thereof of out of its surplus funds, not otherwise appropriated.  Thereupon the amounts so advanced shall be reimbursed by the Department of General  Services, from whatever payments it shall receive for security printing jobs undertaken taken, and such reimbursements shall automatically a to the surplus funds of the Central Bank.

SEC. 5. The Secretary of General Services shall issues rules and regulations as may be necessary to carry t the implementation of this Act.

SEC. 6. All Acts, laws, executive orders, rules and regulations, or a part thereof, inconsistent with the provisions of this Act are hereby repealed or modified accordingly.

SEC. 7. This Act shall take effect upon its approval.

Enacted into law without executive signature on June 18, 1966.