Section 5
SEC. 5. The National Government and city bonds hereby authorized to be issued shall be exempt from taxation by the Republic of the Philippines or of any political or municipal subdivision thereof.
RA 1165 Section 5
SEC. 5. The National Government and city bonds hereby authorized to be issued shall be exempt from taxation by the Republic of the Philippines or of any political or municipal subdivision thereof.
CitationRA 1165 Section 5 (LawPlayer, data as of July 4, 2026)
Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).