Section 11
SEC. 11. The grantee, its successors or assigns, shall be liable to pay the same taxes on their real estates, buildings, and personal property, exclusive of the franchise, as other persons or corporations are now or hereafter may be required by law to pay. The grantee, its successors or assigns, shall further pay the Treasurer of the Philippines each year, within ten days after the audit and approval of the accounts as prescribed in section ten of this Act, one and one-half per centum of all gross receipts for business transacted under this franchise by said grantee, its successors or assigns, in the Philippines, and the said percentage shall be in lieu of all taxes on the franchise or earnings thereof.