Section 20
SECTION 20. Tax Exemptions - The Administration shall be exempt from payment of all income taxes, franchise taxes, realty taxes and all kinds of taxes and licenses to the National Government, its provinces, cities, municipalities, and other government agencies and instrumentalities: Provided, that its subsidiary corporations shall be subject to all said taxes five years after their establishment under a graduated scale as follows: twenty per centum of all said taxes from the sixth to the seventh year, sixty per centum of all said taxes from the eighth to the tenth year, after its establishment. Such exemption shall include any tax or fee imposed by the government on the sale, purchase or transfer of foreign exchange. All notes, bonds and debentures and other obligations issued by the Administration shall be exempted from all taxes, both as to principal and interest, except inheritance and gift taxes.