Section 1
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.