REVENUE MEMORANDUM CIRCULAR NO. 87-2018 issued on October 11, 2018 publishes the full text of Republic Act (RA) No. 10295, entitled “An Act Renewing for another Twenty-Five (25) Years the Franchise Granted to Republic Broadcasting System, Inc., Presently Known as GMA Network, Inc., Amending for the Purpose Republic Act No. 7252, Entitled “An Act Granting the Republic Broadcasting System, Inc. a Franchise to Construct, Install, Operate and Maintain Radio and Television Broadcasting Stations in the Philippines”.

      The franchise shall be in effect for a period of twenty-five (25) years from the effectivity of the Act, unless sooner revoked or cancelled. In the event the Republic Broadcasting System, Inc. fails to operate continuously for two (2) years, the franchise shall be deemed ipso facto revoked. It shall become effective upon acceptance given in writing by the Republic Broadcasting System, Inc. to the Congress of the Philippines, through the Committee on Legislative Franchises of the House of Representatives and the Committee on Public Services of the Senate, within sixty (60) days from the effectivity of the Act. Upon giving such acceptance, the Republic Broadcasting System, Inc. shall exercise the privileges granted under the Act. Non- acceptance of the Republic Broadcasting System, Inc. shall render the franchise void.

         The Republic Broadcasting System, Inc., its successors or assignees shall continue to be subject to all applicable taxes, duties, fees or charges and other impositions under RA No. 8424 (National Internal Revenue Code of 1997, as amended), RA No. 7160 (Local Government Code of 1991, as amended), and other applicable laws.