Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:

SECTION 1. Section one of Republic Act Numbered Five thousand nine hundred thirteen is hereby amended to read as follows:

"SECTION 1. Subject to the provisions of the Constitution, as well as Act Numbered Three thousand eight hundred forty-six, entitled "An Act providing for the regulation of radio stations and radio communications in the Philippine Islands, and for other purposes"; Act Numbered Three thousand nine hundred ninety-seven, known as the Radio Broadcasting Law; Commonwealth Act Numbered One hundred forty-six, known as the Public Service Act, and their amendments, and other applicable laws, not inconsistent with this Act, FAR Corporation is hereby granted a franchise to construct, operate and maintain radio broadcasting stations within Luzon and the Western Visayas."

SEC. 2. Section fourteen of the same Act is hereby amended to read as follows.

"SEC. 14.  In consideration of this franchise the grantee shall pay a tax equivalent to five percent of its gross income."

SEC. 3. This Act shall take effect upon its approval.

Enacted without Executive approval, August 16, 1971.