June 2, 1954

REPUBLIC ACT NO. 987

AN ACT TO AMEND SECTION TWO OF REPUBLIC ACT NUMBERED THREE HUNDRED FIFTY- EIGHT BY WITHDRAWING THE EXEMPTION GRANTED TO THE NATIONAL POWER CORPORATION FROM PAYING REAL ESTATE TAX

SECTION 1.  Section two of Republic Act Numbered Three hundred fifty-eight is amended to read as follows:

"Sec. 2.  To facilitate payment of its indebtedness, the National Power Corporation shall be exempt from all taxes, except real property tax, and from all duties, fees, imposts, charges, and restrictions of the Republic of the Philippines, its provinces, cities and municipalities." acd

SECTION 2.  This Act shall take effect upon its approval.

Approved: June 2, 1954

Published in the Official Gazette, Vol. 50, No. 6, p. 2348 in June 1954