Exemptions from taxation.
Section 48
SEC. 48. Exemptions from taxation.—Lands or buildings owned by the United States of America, the Central Government of the Philippine Islands, or the city of Manila, and burying grounds, churches, and their adjacent parsonages and conventos, and lands or buildings used exclusively for religious, charitable, scientific, or educational purposes, and not for profit, shall be exempt from taxation; but such exemption shall not extend to lands or buildings held for investment, though the income therefrom be devoted to religious, charitable, scientific, or educational purposes.