Section 1Sec./Art. 1

Section 3 of Republic Act No. 7582 is hereby amended to read as follows:

"Section 3. Dispersal of Ownership. - In compliance with the constitutional mandate to democratize ownership of public utilities, the herein grantee shall make public offering through the stock exchange of 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 time it has achieved the status of a national broadcasting network.

A "national broadcasting network" is hereby defined as one that operates three (3) or more radio and/or television stations: Provided, That the offer to the public through any securities exchange in the Philippines of at least thirty percent (30%) of the number of shares of a holding company that owns at least a majority of the capital stock of the grantee sufficient to constitute an offer of at least thirty percent (30%) interest in the outstanding capital stock of the grantee shall be deemed compliance with the requirement herein provided. Non-compliance therewith shall be a cause for revocation of the franchise: Provided, That no single person or entity shall be allowed to own more than five percent (5%) of the stock offerings.