SECTION 1. Section one of Republic Act Numbered Five hundred seventeen, as amended by Republic Acts Numbered Fifteen hundred and forty-five and Nineteen hundred and ninety-six, is hereby further amended to read as follows:
"SECTION 1. Subject to the provisions of the Constitution, 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 Philippine 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, there is hereby granted to Eduardo Lopez, a permit to construct, maintain and operate, for commercial purposes and in the public interest, radio broadcasting stations and stations for television in the Philippines: Provided, That this permit shall be void unless the construction of at least one more broadcasting station or one television station be begun within two years from the approval of this Act and be completed within four years from the 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 public issues; shall assist in the functions of public information and education; shall conform to the ethics of honest enterprise; and shall not use said stations for the broadcasting or televising of obscene, or indecent language or speech, or for the dissemination of deliberately false information or willful misrepresentation, or to the detriment of the public health, or to incite, encourage or assist in subversive or treasonable acts."