Section 18Sec./Art. 18

Dispersal of Ownership. -In accordance with the constitutional provision to encourage public participation in public utilities, the grantee, its successors or assignees, shall offer at least twenty percent (20%) or a higher percentage that may hereafter be provided by law of its outstanding capital stock in any securities exchange in the Philippines within five (5) years from the determination of the BIR that the grantee, its successors or assignees, has fully recovered its investment cost:Provided,That in cases where public offer of shares is not applicable, other methods of encouraging public participation by citizens and corporations operating public utilities must be implemented. Noncompliance therewith shall render the franchiseipso factorevoked.