H. No. 6053 ; Philippine Star (September 06, 2016)
REPUBLIC ACT NO. 10888, July 17, 2016
AN ACT RENEWING FOR ANOTHER TWENTY-FIVE (25) YEARS THE FRANCHISE GRANTED TO ZOE BROADCASTING. INC., AMENDING FOR THE PURPOSE 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
Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:chanRoblesvirtualLawlibrary
"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.
(Sgd.) FRANKLIN M. DRILON President of the Senate | (Sgd.) FELICIANO BELMONTE JR. Speaker of the House of Representatives |
(Sgd.) OSCAR G. YABES Secretary of the Senate | (Sgd.) MARILYN B. BARUA-YAP Secretary General House of Representatives |