Section 18
SEC. 18. Immunities and Privileges, (a) Any international financial institution of which the Philippines is a member investing in and taking part in the operation of the Asset Management Corporation contemplated in this Decree and the officers and employees of such institution doing work in or in connection with the Asset Management Corporation (whether as officers or such corporation or otherwise) shall not thereby be deemed to have waived, and shall in the performance of such acts continue to enjoy, all immunities and privileges granted to each of them by law or treaty, including without limitation immunity from legal process and immunity from taxation. (b) Any international financial institution of which the Philippines is a member, by virtue solely of its participation in the equity and activities of the Asset Management Corporation, shall not be deemd to be transacting or doing business in the Philippines and in any case shall be exempt from qualification, registration or other requirements imposed by law upon foreign corporations transacting or doing business in the Philippines.