This case has been cited 1 times or more.
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2006-07-20 |
CARPIO, J. |
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| Other government-owned corporations organized as stock corporations under their special charters are the Philippine Crop Insurance Corporation,[42] Philippine International Trading Corporation,[43] and the Philippine National Bank[44] before it was reorganized as a stock corporation under the Corporation Code. All these government-owned corporations organized under special charters as stock corporations are subject to real estate tax on real properties owned by them. To rule that they are not government-owned or controlled corporations because they are not registered with the Securities and Exchange Commission would remove them from the reach of Section 234 of the Local Government Code, thus exempting them from real estate tax. | |||||