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

SECTION 1. Subject to the conditions imposed by this Act, there is hereby granted to Oceanic Fisheries (Phil.) Inc., its successors or assigns, for a period of twenty-five years after the approval of this Act, the right, privilege and authority to construct, operate and maintain an ice plant or ice plants and cold storage facility or facilities in the City of Cebu, for the purpose of manufacturing ice and furnishing cold storage, and to sell and distribute the ice so manufactured and render cold storage service therein, and to collect a schedule of rates, prices and charges for the ice so manufactured, distributed and sold, and for the cold storage service furnished, which schedule of rates, prices and charges shall at all times be subject to regulation by the Public Service Commission.

SEC. 2. The grantee shall install and maintain an ice plant or ice plants and cold storage facility or facilities in the city mentioned above: Provided, however, That the grantee shall manufacture and supply ice in such quantity as may be determined by the Public Service Commission, not exceeding the capacity of its plant or plants.

SEC. 3. All the apparatus and appurtenances to be used by the grantee shall be modern, safe and first class in every respect.

SEC. 4. If the grantee shall not commence the construction of the ice plant or plants and cold storage facility or facilities within three years from the approval of this Act, unless prevented by an act of God or force majeure, martial law, riot, civil commotion, usurpation by a military power or any other cause beyond the grantee's control, this franchise shall become null and void.

SEC. 5. This franchise is granted with the understanding and upon the condition that it shall be subject to amendment, alteration, or repeal by the Congress of the Philippines when public interest so requires.

SEC. 6. The books, records and accounts of the grantee shall always be opened to the inspection of the Auditor General or his authorized representatives, and it shall be the duty of the grantee to submit to the Auditor General quarterly reports in duplicate showing the gross receipts for the quarter past.

SEC. 7. In consideration of the franchise and rights hereby granted, the grantee shall pay a franchise tax equal to five per centum of the gross earnings under this franchise, three per centum of which shall accrue to the National Government and two per centum, to the city where the franchise is in operation.

SEC. 8. This Act shall take effect upon its approval.

Enacted without Executive approval, August 4, 1969.