Stamp tax on foreign bills of exchange and letters of credit.
Section 231
SEC. 231. Stamp tax on foreign bills of exchange and letters of credit.—On all foreign bills of exchange and letters of credit (including orders, by telegraph or otherwise, for the payment of money issued by express or steamship companies or by any person or persons) drawn in but payable out of the Philippines in a set of three or more according to the custom of merchants and bankers, theie shall be collected a documentary stamp tax of eight centavos on each two hundred pesos, or fractional part theie-of, of the face value of any such bill of exchange or letter of credit, or the Philippine equivalent of such face value, if expressed in foreign currency.