Section 2Sec./Art. 2

Section 2 (f) of the same Act is hereby amended to read as follows:

"SEC.2. (f) in the best interest of the Government and the small local investors and for the development of the domestic capital market, no offer of sale to large investors shall be undertaken until after a minimum of ten percent (10%) of the sale of assets in corporate form shall have been offered to small local investors, including Filipino overseas workers.

"Where this is not practicable or in the best interest of the public, at least ten percent (10%) in any event shall be reserved for small local investors to be offered to them at the same price within one hundred twenty (120) days from the approval of the sale. This rule shall likewise apply when there are no takers, in whole or in part, when the first offer was made. the Committee on Privatization shall formulate guidelines that provide specific preference for such small local investors.

"In the case of physical or indivisible assets, the Committee in Privatization, whenever practicable, shall require the buyer of the assets to offer for sale to their employees or to small local investors, overseas contract workers, or the general public directly or through the stock exchange, shares of stock in the corporation equivalent to at least or a minimum of ten percent (10%) of the value of the assets acquired: Provided, That the Social Security System and the Government Service Insurance System shall grant loans to qualified employees of the firms under privatization who would like to avail the ten percent (10%) stock offering as provided in this Section."