The Manila International Airport Authority (MIAA) is exempt from real property tax. Which statement below is NOT correct? (2012 Bar Question)

The question

The Manila International Airport Authority (MIAA) is exempt from real property tax. Which statement below is NOT correct? (2012 Bar Question)

1. A.MIAA is not a government-owned or controlled corporation because it is not organized as a stock or non-stock corporation;
2. B.MIAA is a government instrumentality vested with corporate powers and performing essential public services;
3. C.MIAA is not a taxable entity because the real property is owned by the Republic of the Philippines and the beneficial use of such property has not been granted to a private entity;
4. D.MIAA is a government-owned or controlled corporation because it is required to meet the test of economic viability.

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