Section 2December 1, 2008, Sec./Art. 2

Terms and Conditions of Franchise. - This franchise shall be for a term of fifty (50) years from the date of effectivity of this Act, and is hereby granted under the condition that it shall be subject to amendment, alteration, or repeal by Congress when the common good so requires. During the period of operation of the franchise herein granted, at least sixty per centum (60%) of the capital of the Grantee shall be owned by citizens of the Philippines. The graty shall comply with the Constitution and applicable laws pertaining to foreign ownership and management of public utilities.