SECTION 1. Section one of Republic Act Numbered Nine hundred eighty is amended to read as follows:
"SECTION 1. Subject to the provisions of the Constitute: as well as of Act Numbered Three thousand eight hundred forty-six, entitled "An Act providing for the regulation of radio stations and radio communications in the Philippines Islands, and for other purposes;" Act Numbered Three thousand nine hundred ninety-seven, known as the Radio Broadcasting Law; Commonwealth Act Numbered One hundred forty-six, known as the Public Service Act, and their amendments, and other applicable laws not inconsistent with this Act, the Lyceum of the Philippines is hereby granted a franchise to construct, maintain and operate, for educational and commercial purposes and in the public interest, a radio broadcasting station in the City of Manila."