Exemption from Taxes.
Section 16
SEC. 16. Exemption from Taxes.—Any provision of existing laws to the contrary, notwithstanding, any donation, contribution, request, subsidy or financial aid which may be made to the Project shall be exempt from taxes of any kind, and shall constitute allowable deductions in full from the income of the donors or donees for income tax purposes. The assets of the Project and its commodity requirements procured from local and foreign supplies shall be exempt from all taxes, duties, fees, charges, imposts, licenses, and assessments, direct or indirect, imposed by the Republic of the Philippines or any of its political subdivision or taxing authority.