Section 10
SEC. 10. The grantee shall be liable to pay the same taxes on its real property, exclusive of the franchise as other persons or corporations are now or hereafter may be required by law to pay. The grantee shall further pay to the Treasurer of the Philippines each year, within ten days after the audit and approval of the accounts as prescribed in section nine of this Act, one and one-half per centum of all gross receipts from business transacted under this franchise by the said grantee in the Philippines, and the said percentage shall be in lieu of all taxes on the franchise or earnings thereof.