Tax Provisions.
Section 11
SEC. 11. Tax Provisions. - The grantee shall pay to the Philippine Government during the life of this franchise, a franchise tax of five percent (5%) of the gross revenues derived by the grantee from transport operations. In the event any competing individual, partnership and corporation receives and enjoys tax privileges which tend to place the grantee herein at any disadvantage, then such provisions shall be deemed part hereof and shall operate equally in favor of the grantee. The grantee shall, however, be subject to income tax levied under Title II of the National Internal Revenue Code, as amended, and tax on its real property under existing laws on revenues earned from activities other than air transportation.