Section 1
SECTION 1. In addition to the methods and manner prescribed by existing law, upon approval by a committee composed of the Secretary of Public Works and Communications, the Secretary of Finance, the Chairman of the Public Works and Communications Committee of the Senate, the Chairman of the Finance Committee of the Senate, the Chairman of the Public Works Committee of the House of Representatives, the Chairman of the Appropriations Committee of the House of Representatives, and the Commissioner of the Budget, hereinafter called the Committee, the agency head in charge of the category of public works projects concerned is hereby authorized, to enter into contracts for the construction, reconstruction, repair, and/or movement of buildings, highways, artesian wells, water systems, shore protection works, river control, irrigation, airports and air navigation facilities, port works, telecommunications and other public works including the acquisition of necessary sites and rights-of-way, with private persons, corporations, associations or partnerships which may offer to undertake the same at their own expense, subject to the terms and conditions herein set forth: Provided, That said contracts shall be entered into only with private persons, corporations, associations or partnerships which are duly authorized by law to engage in business in the Philippines at least sixty per cent of the capital stock of which is owned by Filipino citizens and ,which have sufficient financial capacity and means to undertake such projects to completion and which on the date of the bid are qualified as contractors pursuant to the provisions of Republic Act Numbered Four thousand five hundred sixty-six.