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

SECTION 1. The term of the franchise granted, to the Philippine Long Distance Telephone Company under Act Numbered Three thousand four hundred and thirty-six, as mended by Commonwealth Act Numbered Four hundred and seven, is hereby extended, under the terms and conditions therein provided, for a period of twenty-five years from the date of its expiration: Provided, That during the twenty-five-year period herein granted as extension, the grantee, its successors or assigns shall pay its franchise tax at an increased rate of live per centum.

SEC. 2. This Act shall lake effect upon its approval.

Approved, November 9, 1970.