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Pedro wants to procure fire insurance for his Mansion in Forbes Park, Makati from Gallaxy Insurance Company, a non-resident foreign corporation, through its agent in

Pedro wants to procure fire insurance for his Mansion in Forbes Park, Makati from Gallaxy Insurance Company, a non-resident foreign corporation, through its agent in the Philippines, G.I. Joe. He paid premiums in 2018 amounting to P500,000. How much is the premiums tax payable on the transaction? 

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