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

SECTION 1. Renewal of Franchise. – Subject to the provisions of the Constitution, the immediately succeeding section and applicable laws, rules and regulations, the franchise granted under Republic Act No. 7297, entitled "An Act Granting the ZOE Broadcasting Network, Inc. a Franchise to Construct, Install, Operate and Maintain Radio and Television Broadcasting Stations Throughout the Philippines, and for Other Purposes", as amended by Republic Act No. 7968, to ZOE Broadcasting Network, Inc., hereunder referred to as the grantee, its successors or assignees, is hereby renewed for another twenty-five (25) years from the effectivity of this Act.

SEC. 2. Section 1 of Republic Act No.7297, as amended by Republic Act No. 7968, is hereby amended to read as follows:

"SECTION 1. Nature and Scope of Franchise. – Subject to the provisions of the Constitution and applicable laws, rules and regulations, there is hereby granted to the ZOE Broadcasting Network, Inc., its successors or assignees, hereunder referred to as the grantee, a franchise to construct, install, operate, and maintain, for commercial purposes and in the public interest, radio and television broadcasting stations throughout the Philippines, where frequencies and/or channels are still available for radio and/or television broadcasting, including digital terrestrial television system, through microwave, satellite, or whatever means, or the use of any technologies in television and radio systems, with the corresponding technological auxiliaries or facilities, special broadcast, and other program and distribution services, and relay stations, and to install radio communication facilities for the grantee's private use in its broadcast services."

SEC. 3. Dispersal of Ownership. – In accordance with the constitutional provision to encourage public participation in public utilities, the grantee shall offer to Filipino citizens at least thirty percent (30%) or a higher percentage that may hereafter be provided bylaw of its outstanding capital stock in any securities exchange in the Philippines within five (5) years from the commencement of its operations: Provided, That in cases where public offer of shares is not applicable, establishment of cooperatives and other methods of encouraging public participation by citizens and corporations operating public utilities must be implemented. Noncompliance there with shall render the franchise ipso facto revoked.

SEC. 4. Section 8 of Republic Act No. 7297 on tax provisions is hereby repealed.

SEC. 5. Adoption of Provisions Not Inconsistent with this Act. – All other provisions of Republic Act No. 7297, as amended by Republic Act No. 7968, which are not inconsistent with the provisions of this Act, shall continue to be in full force and effect.

SEC. 6. Separability Clause. – If any of the sections or provisions of this Act is held invalid, all other provisions not affected thereby shall remain valid.

SEC. 7. Repealability and Nonexclusivity Clause. – This franchise shall be subject to amendment, alteration, or repeal by the Congress of the Philippines when the public interest so requires and shall not be interpreted as an exclusive grant of the privileges herein provided for.

SEC. 8. Effectivity. – This Act shall take effect fifteen (15) days from the date of its publication in at least two (2) newspapers of general circulation in the Philippines.

Approved,

(Sgd.) FRANKLIN M. DRILON President of the Senate

(Sgd.) FELICIANO BELMONTE JR. Speaker of the House of Representatives

This Act which originated in the House of Representatives was passed by the House of Representatives and the Senate on October 9, 2015 and May 23, 2016, respectively.

(Sgd.) OSCAR G. YABES Secretary of the Senate

(Sgd.) MARILYN B. BARUA-YAP Secretary General House of Representatives

Approved:

BENIGNO S. AQUINO III
President of the Philippines
Lapsed into law on JUL 17 2016
Without the signature of the President
In accordance with Article VI, Section
27 (1) at the Constitution