Section 3
SEC. 3. In consideration of the franchise and rights hereby granted, the grantee shall pay into the Treasury of the Philippines a franchise tax equal to two per centum of the gross earnings for electric current sold under this franchise in lieu of all other taxes, fees and assessments of whatever authority upon privileges, earnings, income, franchise, and transformers, meters and generators of the grantee, from which taxes, fees and assessments the grantee is hereby exempted.