Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:
 
SECTION 1. The provisions of the National Internal Revenue Code and other laws to the contrary notwithstanding, all radio broadcasting and television stations, now authorized or which may henceforth be authorized to operate in the Philippines, shall be exempt from the payment of the franchise and privilege taxes.

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

Enacted without Executive approval, June 19, 1960.