Section 3
SEC. 3. Section 8 of the same Decree is hereby amended to read as follows: "(J) To receive in trust legacies, gifts, and donations of real and personal property of all kinds, to administer the same for the benefit of the Colleges, or of any department thereof, or for aid to any student or students, in accordance with the directions and instructions of the donor, and in default thereof, in such manner as the Board of Trustees may in its discretion determine. All donations to the Colleges shall be exempt from all taxes, shall be considered as deductible items from the income tax of donors and shall be treated as part of the payment by the donors of assessments under, and/or the compliance with the requirements of, and shall be eligible for the tax and other incentives provided by, the Labor Code of the Philippines with regard to manpower training and development, and rules and regulations pursuant to the said Labor Code, and amendments thereof."