Section 1. All contracts entered into and all concessions, licenses, permits, leases and similar privileges granted or issued by any agency or instrumentality of the government involving the exploration, development, exploitation or utilization of any of the natural resources of the country shall contain the following conditions as integral parts thereof;
(a) that when the national interest so requires, the President of the Philippines may review, amend, modify, revise, rescind or revoke any such contract, concession, license, permit lease or similar privilege or any condition or provision therein;
(b) that, upon the recommendation of the government agency or instrumentality concerned with the administration of any such contract, concession, license, permit, lease or similar privilege, the President may, pending the conduct of appropriate hearing, summarily suspend and order the cessation of all activities and operations under the contract, concession, license, permit, lease or similar privilege for violation of any condition prescribed in duly issued rules and regulations of the administering government agency or instrumentality.