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Republic Act
Approved September 4, 2002

Republic Act No. 9170

An act amending republic act no. 7583, entitled "an act granting the aboitiz air transport corporation a franchise to establish, operate and maintain transport services for the carriage of goods, mails and other property by air, both domestic and international"

AN ACT AMENDING REPUBLIC ACT NO. 7583, ENTITLED "AN ACT GRANTING THE ABOITIZ AIR TRANSPORT CORPORATION A FRANCHISE TO ESTABLISH, OPERATE AND MAINTAIN TRANSPORT SERVICES FOR THE CARRIAGE OF GOODS, MAILS AND OTHER PROPERTY BY AIR, BOTH DOMESTIC AND INTERNATIONAL"

In plain language

Amends Republic Act No. 7583 to grant a franchise to Aboitiz One, Inc. for the establishment, operation, and maintenance of air transport services for the carriage of goods, mails, and other property both domestically and internationally.

  • Amends RA 7583 title to reflect Aboitiz One, Inc. franchise
  • Adds paragraph on nature and scope of franchise for Aboitiz One, Inc.
  • Mandates public equity participation of at least 30% of common stock within 15 years
  • Sets effectivity 15 days after publication in two newspapers
Air Transport
Franchise
Public Utilities
Aboitiz One, Inc.

Twelfth Congress First Regular Session

Begun and held in Metro Manila, on Monday, the twenty-third day of July, two thousand one.

Republic Act No. 9170 September 4, 2002

AN ACT AMENDING REPUBLIC ACT NO. 7583, ENTITLED "AN ACT GRANTING THE ABOITIZ AIR TRANSPORT CORPORATION A FRANCHISE TO ESTABLISH, OPERATE AND MAINTAIN TRANSPORT SERVICES FOR THE CARRIAGE OF GOODS, MAILS AND OTHER PROPERTY BY AIR, BOTH DOMESTIC AND INTERNATIONAL"

Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:

Section 1. The title of Republic Act No

7583 is hereby amended to read as follows:

"An Act Granting The Aboitiz One, Inc. A Franchise To Establish, Operate And Maintain Transport Services For The Carriage of Goods, Mails And Other Property By Air, Both Domestic And International" Section 2. Section 1, Paragraph 1 of Republic Act No. 7583 is hereby amended to read as follows:

"SECTION 1*. Nature and Scope of Franchise.* - Subject to the provisions of the Constitution and applicable laws, rules and regulations, there is hereby granted to Aboitiz One, Inc., hereunder referred to as the grantee, its successors or assigns, a franchise to establish, operate and maintain transport services for the carriage of goods, mails and other property by air, both domestic and international." Section 3. Section 9 of Republic Act No. 7583 is hereby amended to read as follows:

"Sec. 9. Public Equity Participation. - In accordance with the constitutional mandate to democratize ownership of public utilities, the herein grantee shall make the public offering through the stock exchange of at least thirty percent (30%) of its common stock within a period of fifteen (15) years from the date of effectivity of this Act: Provided, That no single person or entity shall be allowed to own more than five percent (5%) of the stock offering." Section 4. Effectivity. - This Act shall take effect fifteen (15) days from the date of its publication, upon the initiative of the grantee, in at least two (2) newspapers of general circulation in the Philippines.

Approved, | FRANKLIN DRILON President of the Senate | JOSE DE VENECIA JR. Speaker of the House of Representatives |

For information and research only, and not legal advice. This text may not reflect later amendments. For certified copies, refer to the Official Gazette or the issuing agency.