Section 14Sec./Art. 14

(a) The grantee shall be liable to pay the same taxes on its real estate, buildings and personal property, exclusive of this franchise, as other persons or corporations are now or hereafter may be required by law to pay. (b) The grantee shall further pay to the Treasurer of the Philippines each year, within ten (10) days after the audit and approval of the accounts as prescribed by this Act, three percent (3%) of all the gross receipts from the business transacted under this franchise by the said grantee; except payment of the taxes mentioned in subsection (a), and income taxes, the payment of a franchise tax shall be in lieu of any other taxes, license fees as well as administrative supervisory and regulatory fees.