Section 9
SEC. 9. The grantee shall not lease, transfer, grant the usufruct of, sell or assign this franchise to any person or entity except any branch or instrumentality of the Government, without the previous approval of the Congress of the Philippines: Provided, That the grantee may enter into management contract with any person or entity, with the approval of the President of the Philippines: Provided, That such person or entity with whom the grantee enter into management contract shall be a citizen of Philippines and in case of an entity or a corporation, at least sixty per centum of the capital or capital stock of which is owned by citizens of the Philippines.