SECTION 1. Section five of Republic Act Numbered Six hundred sixty-three is hereby amended to read as follows:
"SEC. 5. In order to enable the Corporation to exercise the powers and duties vested in it by this Act—
"(a) The Corporation is hereby exempted from the payment of import duty on such supplies, machinery and equipment such as fertilizer and lime as may be necessary for demonstration farming.
"(b) The President of the Philippines is hereby authorized to transfer and assign to the Corporation, the parcels of land belonging to the Government and situated in the City of Manila bounded on three sides by Azcarraga Street, Quezon Boulevard and Evangelista Street, more specifically described as Lots Nos. 1, 2, 3, 4, 5, and 6, Block 2181, containing nine thousand three hundred ninety-eight square meters and such other real or personal property of the Republic of the Philippines as he may from time to time deem necessary and proper for the purposes of the Corporation.
"(c) The Corporation is hereby authorized to inspect and take records of palay, rice and corn stocks stored by any person, partnership or corporation, and to enter the premises where these commodities may be found, for such inspection and records."