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

SECTION 1. Section one of Republic Act Numbered Fifteen hundred and fifty-three is hereby amended to read as follows:

"SECTION 1. Subject to the provisions of the Constitution, the Liberty Broadcasting Network, Incorporated, is hereby granted a franchise, which shall continue in force for a period of fifty years from the approval of this Act, to construct, maintain and operate, for commercial purposes and in the public interest, radio broadcasting stations and radio stations for television in the Philippines as well as radio stations for international and domestic communications of all types and services: Provided, That this franchise shall be void unless the construction of at least one radio broadcasting station or one television station or one radio station for international and domestic communications be begun within two years from the date of approval of this Act, and be completed within four years from said date: Provided, further, That the grantee shall provide adequate public service time to enable the Government through the said radio broadcasting stations, stations for television and radio stations for international and domestic communications, to reach the population on important public issues; shall assist in the functions of public information and education; shall conform to the ethics of honest enterprise; and shall not use its stations for the broadcasting and/or telecasting of obscene or indecent language, speech, act or scene, or for the dissemination of deliberately false information or willful misrepresentation, or to the detriment of the public health, or to incite, encourage, or assist in subversive or treasonable acts."

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

"SEC. 3. The grantee shall file a bond in the amount of fifty thousand pesos to guarantee for the full compliance and fulfillment of the conditions under which this franchise is granted."

SEC. 3. Section four of the same Act is hereby amended to read as follows:

"SEC. 4, In the event of any competing individual, partnership or corporation receiving from the Congress a similar franchise in which there shall be any term or terms more favorable than those herein granted or tending to place the herein grantee at any disadvantage, then such term or terms shall ipso facto become a part of the terms hereof and shall operate equally in favor of the grantee as in the case of said competing individual, partnership or corporation."

SEC. 4. Section five of the same Act is hereby amended to read as follows:

"SEC. 5. (a) The grantee shall be liable to pay the same taxes on its real estate, buildings and personal property, exclusive of the franchise as other persons or corporations are now or hereafter may be required by law to pay. (b) The grantee shall further be liable to pay all other taxes imposable by the National Internal Revenue Code by reason of this franchise."

SEC. 5. Section eight of the same Act is hereby amended to read as follows:

"SEC. 8. The grantee shall not lease, transfer, grant the usufruct of, sell or assign this franchise or the rights and privileges acquired thereunder to any person, firm, company, corporation or other commercial or legal entity, nor merge with any other company or corporation organized for the same purpose, without the approval the Congress of the Philippines first had. Any corporation to which this franchise is sold, transferred or assigned, shall be subject to all the conditions, terms, restrictions and limitations of this franchise as fully and completely and to the same extent as if the franchise has been originally granted to the said person, firm, company,  corporation or other  commercial or  legal entity."

SEC. 6. The title of the same Act is hereby amended to read as follows:

"An Act granting the Liberty Broadcasting Network, Incorporated, a franchise to construct, maintain and operate radio broadcasting stations, stations for television in the Philippines and radio stations for international and domestic communications of all types and services."

SEC. 7. This Act shall take effect upon its approval.

Approved, June 20, 1964.