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Primary Text
Tax Exemption.
Interest and yields earned or accumulated on mortgage, debentures, bonds, notes, mortgage and asset backed securities, interest under a lease, and other credit instruments, whether issued by the Corporation or covered by its guaranties in favor of natural or judicial persons, in cash or in bonds, shall be exempt from all taxation to the same extent provided in Section (15) (a) hereof: Provided, however, That the Corporation shall have the authority to increase the limit of such exemption in such varying amounts shall be reflective of the social concern of the state: Provided further, That the exercise of said authority shall be subject to the approval of the President of the Philippines upon the recommendation of the Monetary Board of the Bangko Sentral ng Pilipinas: provided finally, That the Corporation shall not exercise such authority more often than once every five years.
CHAPTER IV
BUILDING AND LOANS ASSOCIATIONS
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