Section 44Sec./Art. 44

Section 125 of the same Act is hereby amended to read as follows:

"Sec. 125. Tax Exemptions. - The Bangko Sentral shall be exempt from all national, provincial, municipal and city taxes on income derived from its governmental functions, specifically:

"(a) income from its activities or transactions in the exercise of its supervision over the operations of banks and its regulatory and examination powers over non-bank financial institutions performing quasi-banking functions, money service businesses, credit granting businesses and payment system operators; and

"(b) income in pursuit of its primary objective to maintain price stability conducive to a balanced and sustainable growth of the economy, and the promotion and maintenance of monetary and financial stability and the convertibility of the peso.

"All other incomes not included in the above enumeration shall be considered as proprietary income and shall be subject to all taxes, charges, fees and assessments."