PRESIDENTIAL DECREE NO. 489

: The Eastern Extension Australasia and China Telegraph Company, Limited is authorized to transfer the franchise under Presidential Decree No. 489.
: The franchise granted under Republic Act No. 808, as amended by Republic Act No. 5002, to land, construct, maintain, and operate a telecommunications system for transmission of messages to and from the Philippines.
: The franchise is being transferred to Eastern Telecommunications Philippines, Inc.
: At least 60% of the capital of the corporation must be owned by Filipino citizens.
: The franchise term is fifty (50) years, expiring on June 21, 2002.
: Approval by the Philippine Congress (before the issuance of this decree) or authorization by the President is required before transferring the franchise, as expressly prohibited without such approval under Section 15 of Republic Act No. 808.
: The State limits the grant of franchises for public utilities like telecommunications to citizens of the Philippines or to corporations with at least 60% Filipino ownership.
: It took effect immediately on June 24, 1974.
: The franchise covers the reception and transmission of messages between any points in the Philippines to points exterior thereto, including airplanes, airships, or vessels located even within territorial limits of the Philippines.