Exemptions from taxation.
Section 29
SEC. 29. Exemptions from taxation.—Lands and buildings owned by the United States of America, the Government of the Philippines, the City of Bacolod, the Province of Occidental Negros, and burying grounds, churches, and their adjacent parsonages and convents, and lands for 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.