Section 5
SEC. 5. The loans, credits and indebtedness incurred pursuant to this Act and the payment of the principal, interest, and other charges thereon, as well as the importation of articles, materials, equipment and supplies including all building materials) by the National Irrigation Administration for the Project shall be exempt from all taxes, duties, fees, imposts, other charges and restrictions, including import restrictions, by the Republic of the Philippines or any of its agencies or political subdivisions.