SECTION 1. Sections one, four and six of Republic Act Numbered One thousand two hundred seventy-two, entitled "An Act granting the Monserrat Broadcasting System, Incorporated, a temporary permit to construct, maintain and operate radio broadcasting stations in the Philippines," are amended to read as follows:
"SECTION 1. Subject to the provisions of the Constitution, well as of Act Numbered Thirty-eight hundred and forty-six entitled 'An Act providing for the regulation of radio stations and radio communications in the Philippine Islands, and for other purposes;' Act Numbered thirty-nine hundred and ninety-seven, known as the Radio Broadcasting Law; Commonwealth Act Numbered One hundred and forty-six, known as the Public Service Act, and their amendments, and other applicable laws, the Monserrat Broadcasting System, Incorporated, is hereby granted a temporary permit to construct, maintain and operate, for commercial purposes and in the public interest, radio broadcasting and television stations in the Philippines: Provided, That this temporary permit shall be void unless the construction of at least one radio broadcasting and television station be begun within six months from the date of approval of this amendatory Act and be completed within two years from said date: Provided, further, That the grantee shall provide adequate public service time to enable the Government, through the stations herein authorized, to reach the population on important issues; shall assist in the functions of public information and education; shall conform to the ethics of lest enterprise; and shall not use said stations for the broadcasting of obscene or indecent language or speech, or the dissemination of deliberately false information willful misrepresentation, or to the detriment of the public health, or to incite, encourage or assist in subversive Reasonable acts.
“SEC. 4. In the event the Government should desire to maintain and operate for itself any or all of the radio broadcasting or television stations herein authorized, the grantee shall turn over such station or stations to the Government with all the serviceable equipment therein, at cost less reasonable depreciation.
"SEC. 6. The grantee shall not require any previous censorship of any speech, play or other matter to be broad cast or shown from its stations; but if any such speech play or other matter should constitute a violation of the law or infringement of a private right, the grantee shall be free from any liability, civil or criminal, for such speech play or other matter: Provided, That the grantee, during any broadcast may cut off from the air the speech, play or other matter being broadcast if the tendency thereof is to propose and/or incite treason, rebellion or sedition or the language used therein or the theme thereof is indecent or immoral."