2024 Business and Accountancy Catalog

CONSTITUTION MADE SIMPLE

4. Promotion of industrialization and full employment ..... 256 5. Protection of Filipino enterprises against unfair foreign competition and trade practices...................... 257 Section 2 1. State ownership of natural resources................................. 259 2. Exploration, development, and utilization of natural resources ........................................................ 260 3. Protection of marine wealth ................................................ 261 4. Small-scale utilization of natural resources by Filipinos to be allowed.............................................. 261 5. Technical or financial assistance agreements with foreign-owned corporations................................. 261 Section 3 1. Classification of lands of the public domain ..................... 262 2. Maximum size of landholdings .......................................... 262 Section 4 1. Specific limits of forests lands and national parks ........... 263 Section 5 1. Protection of rights of indigenous cultural communities to their ancestral lands ........................... 264 Section 6 1. Use of property bears a social function ............................. 265 2. Right to own, establish, and operate economic enterprises ........................................................................ 266 Section 7 1. Acquisition of private lands ............................................... 267 2. Prohibition against alien landholding ............................... 267 Section 8 1. Right of former natural-born citizens to acquire private lands.................................................. 268

2. Judgment in impeachment cases ........................................ 244 3. Effect of resignation ............................................................. 244 Section 4 1. The anti-graft court known as the Sandiganbayan.......... 245 Sections 5-11 1. Office of the Ombudsman to be known as Tanodbayan . 246 2. Reason for creation of Sandiganbayan and Ombudsman .................................................................... 248 Sections 12-13 1. Powers, functions, and duties of the Ombudsman.......... 249 Section 14 1. Fiscal autonomy .................................................................... 250 Section 15 1. Right of the State to recover ill-gotten wealth .................. 250 2. Meaning of terms .................................................................. 251 Section 16 1. Prohibition against grant of loan, guaranty, or other form of financial accommodation ................................. 252 Section 17 1. Declaration of assets, liabilities, and net worth................ 252 Section 18 1. Duty of allegiance to the State and the Constitution....... 253 ARTICLE XII — NATIONAL ECONOMY AND PATRIMONY Section 1 1. Meaning of national economy and patrimony................. 254 2. Goals of the national economy............................................ 255 3. Guidelines in the development of the national economy............................................................ 256

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