Section 2
SEC. 2. In order to carry out and effectuate said policy,. the President of the Philippines, is authorized and directed to call for bids, upon adequate advertisement, for the exploration, exploitation, and development, as independent contractors, of petroleum and gas deposits in such private or public lands in the Philippines as may be determined by him, upon such terms, conditions, and specifications as . may be deemed by him most advantageous to the Government; to require of such bidder a bond of not less than-fifty thousand pesos conditioned upon the fulfillment of the terms of the bid if accepted, to issue rules and regulations for the submission of such bids, open the same as submitted on the date specified in the advertisement, and upon the result thereof, to accept or reject any or all such bids within a period of not less than ninety days from the date of the publication of the last printed advertisement; and after an award of the contract or contracts has been made, to enter into and execute such agreement or agreements as may be necessary with such successful bidder or bidders: Provided, That such bids shall be open only to such individuals and corporations as are qualified under the Constitution or the ordinance appended thereto to enter with the Government into the agreement herein contemplated: Provided, further, That any such agreement shall be submitted at the next regular session of the National Assembly for ratification and approval, and the same shall not become effective until it shall have been ratified and approved by an Act of the National Assembly: And provided, finally, That the National Assembly may approve in whole or in part such agreement. If the Act of the National Assembly ratifying said agreement should require modifications, the said agreement shall become effective upon acceptance of said modifications by the other contracting party.