Section 7
SEC. 7. In consideration of this franchise, the Grantee shall pay to the Treasurer of the Government of the Philippines each year, a tax equivalent to THREE per centum (3%) of all gross receipts from business transacted under this franchise. This tax, any provision of law to the contrary notwithstanding, shall be in lieu of any and all taxes, duties and tariffs of any kind, nature or description levied or collected by any authority whatsoever, municipal, provincial or national from which taxes, duties and tariffs, the Grantee is hereby expressly exempted.