Section 12
SEC. 12. Section 42 of the National Internal Revenue Code of 1997, as amended, is hereby further amended to read as follows: "SEC. 42. Income from Sources Within the Philippines. - (A) Gross Income from Sources Within the Philippines. - x x x (1) Interests. - Interests or yield from debt instruments, bank deposits, deposit substitutes, trust funds, and other similar arrangements, such as bonds, notes, or other interest-bearing obligation of residents, corporate or otherwise, including debt instruments or debt securities issued by the government or any of its agencies or instrumentalities; x x x."