Section 2
SEC. 2. The provisions of existing laws, decrees or ordinances to the contrary notwithstanding, the Asian Institute of Aquaculture shall be exempt from the payment of gift, franchise, specific, percentage, real property and all other taxes, duties and fees provided under existing laws, decrees or ordinances. This exemption shall extend to goods imported and owned by the said Asian Institute of Aquaculture and to goods brought in or imported for the personal use of foreign faculty, scientific research and professional staff and other officials of the said Institute; Provided, however, that this exemption is without prejudice to the collection of customs duties and taxes on goods or articles brought or imported into the Philippines for the use of such foreign personnel should such goods or articles subsequently be sold, transferred or exchanged in the Philippines to persons or entities not entitled to exemption from the said customs duties and taxes pursuant to existing laws and regulations governing the matter.