Answer:

Explanation:

SECTION 1. The goals of the national economy are a more equitable distribution of

opportunities, income, and wealth; a sustained increase in the amount of goods and

services produced by the nation for the benefit of the people; and an expanding

productivity as the KEY raising the quality of life for all, especially the

underprivileged.

The State shall promote industrialization and full employment based on sound

agricultural development and AGRARIAN reform, through industries that make full and

efficient use of human and natural resources, and which are competitive in both

domestic and foreign markets. However, the State shall protect Filipino enterprises

against unfair foreign competition and TRADE practices.

In the pursuit of these goals, all sectors of the economy and all regions of the

country shall be given optimum opportunity to develop. Private enterprises, including

corporations, cooperatives, and similar collective organizations, shall be encouraged

to BROADEN the base of their ownership.

SECTION 2. All lands of the public domain, waters, minerals, coal, petroleum, and

other mineral oils, all forces of potential energy, fisheries, forests or timber, wildlife,

flora and fauna, and other natural resources are owned by the State. With the

exception of agricultural lands, all other natural resources shall not be alienated. The

exploration, development, and UTILIZATION of natural resources shall be under the full

control and supervision of the State. The State may directly undertake such

activities, or it may enter into co-production, joint venture, or production-sharing

agreements with Filipino citizens, or corporations or associations at least sixty per

centum of whose capital is owned by such citizens. Such agreements may be for a

period not exceeding twenty-five years, renewable for not more than twenty-five

years, and under such terms and conditions as may be provided by law. In cases of

water rights for irrigation, water supply, fisheries, or industrial uses other than the

development of water power, beneficial use may be the measure and limit of the

grant.