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

SECTION 1. Any provision of law to the contrary notwithstanding, the Metropolitan Express Company, Incorporated, a Philippine corporation duly registered with the Securities and Exchange Commission, is hereby granted a franchise to conduct a messenger and delivery express service of packages and of oral or written messages, at regular intervals and/or in specific or rush emergency cases through all hours of the day, for a period of fifty years from the approval of this Act.

SEC. 2. The grantee is hereby empowered to fix its service charges subject to the approval of the Public Service Commission.

SEC. 3. The Metropolitan Express Company, Incorporated, in addition to the taxes imposed by the Internal Revenue Code, shall also pay art additional annual tax at the rate of one per cent on its net profit, the proceeds of which shall accrue to the National Government.

SEC. 4. This franchise is granted subject to the condition that it shall be subject to amendment, alteration, or repeal when the public interest so requires and shall not be understood as exclusive in character.

SEC. 5. The grantee shall file a bond in the amount of ten thousand pesos to answer for any loss or damages that any customer or customers may sustain.

SEC. 6. This Act shall take effect upon its approval.

Enacted, without Executive Approval, June 23, 1957.