Tax Exemption.
Section 16
SEC. 16. Tax Exemption. — The loans, credits or indebtedness incurred pursuant to this Decree, the payment of the principal, interest and other charges thereon, the earnings of the fund created under Section 8, as well as the importation of articles, materials, equipment, machineries and supplies, including all building materials by the Department of Education and Culture or other offices, agencies or instrumentalities of the Government and by private or chartered entities authorized by Education Special Committee to undertake the projects authorized in this Act shall be exempt from all taxes, duties, fees, imposts, other charges and restrictions, including import restrictions, imposed by the Republic of the Philippines or any of its agencies or political subdivisions. The Secretary of Finance shall promulgate rules and regulations necessary for the purpose.