Section 15Sec./Art. 15

Dispersal of Ownership. In accordance with the constitutional provision to encourage public participation in public utilities, the grantee shall offer to Filipino citizens at least thirty percent (30%) of its outstanding capital stock or a higher percentage that may hereafter be provided by law in any securities exchange in the Philippines within five (5) years from the commencement of its operations: Provided, That hi cases where public offer of shares is not applicable, establishment of cooperatives and other methods of encouraging public participation by citizens and corporations operating public utilities and/or in compliance with the requirements under Section 28 of Republic Act No. 9136, otherwise known as the "Electric Power Industry Reform Act of 2001", must be implemented.

Noncompliance therewith shall render the franchise ipso facto revoked.