Exemptions from taxation.
Section 27
Sec. 27. Exemptions from taxation. - Lands or buildings owned by the United States of America the Commonwealth of the Philippines, the Quezon City, the Province of Ritul, and burying grounds, churches, and their adjacent parsonage convents, and lands or buildings used exclusively for religious, charitable, scientific, or educational purposes, not for profit, shall be. exempt from taxation but such exemption shall not extend to lands or buildings held investment, though the income therefrom be devoted to religious, charitable, scientific, or educational purposes.