Real estate exempt from taxation.
Section 37
SEC. 37. Real estate exempt from taxation.—The following shall be exempt from taxation: Lands or buildings owned by the Republic of the Philippines, the Province of Zambales or the City of Olongapo, burying grounds, churches, and their adjacent parsonages and convents, lands or buildings used exclusively for religious, charitable, scientific, or educational purposes, and not for profit; but such exemption shall not extend to lands or buildings held for investment, though income therefrom be devoted to religious, charitable, scientific, or educational purposes. Lands or buildings which are the only real property of the owner, and the value of which do not exceed two hundred pesos.