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

SECTION 1. Section one of Act Numbered Thirty-four hundred ninety-nine, as transferred to the Visayan Electric Co., Inc., under Republic Act Numbered Thirty-two hundred thirty four, is hereby amended to read as follows:

"SECTION 1 There is hereby granted to the Visayan Electric Co., Inc., a corporation duly organized under the laws of the Philippines, wit headquarters in the City of Cebu, Philippines, for a period of twenty-five years from the date of the expiration of the period granted under Act Numbered Thirty-four hundred ninety-nine. the right, privilege, and authority to construct, operate and maintain in, along and over the public streets, thoroughfares and places of the cities of Cebu, and Mandawe and the municipalities of Talisay, Minglanilla, Naga, San Fernando, Consolacion and Lilo-an, Province of Cebu, poles, wires, and other necessary apparatus and appurtenances for the transmission and distribution of electric current for electric power, heat and light and for any other use  to which electricity may be applied, and to furnish electric power, heat and light within the limits of the said cities and municipalities, for domestic and industrial use and for any other use to which electricity may be put, and to charge and collect a schedule of prices and conventional rates for such electric power, heat and light: PROVIDED, that said rate and prices shall be subject to regulation by the Public Service Commission or its successor,"

SECTION 2. The other provisions of Act Numbered Thirty-four hundred ninety-nine is amended in so far as they are inconsistent with the provisions of this amendatory Act: PROVIDED, that the phrase "taxes of any kind" appearing in Section eight of Act Numbered Thirty-four hundred ninety-nine shall include duties, tariffs, imposts, assessments, licenses and fees of whatever kind and nature which may be levied by any government authority whatsoever, now or in the future, upon its franchises, rights and privileges, earnings, incomes, payments, revenues or profits, and upon its machineries, equipments supplies, wattmeters, poles, wires, transformers, insulators, capacitors, transportation equipments and other facilities used or intended for use by the grantee including, but not limited to, compensating taxes and other custom fees and assessment or licenses.

SEC. 3. This Act shall take effect upon its approval. Enacted without executive approval, June 17, 1972.