A domestic stock corporation whose activity involves the exploration, development and utilization of natural resources is considered as a partly nationalized activity. The 1987 Philippine Constitution has specific requirements when exploration, development and utilization of natural resources is involved. Section 2, Article XII of the 1987 Constitution provides that: “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 (60%) of whose capital is owned by such citizens.”