Under Article XII, Section 2, exploration and development of natural resources may be undertaken by the State directly, or through agreements with Filipino citizens or corporations at least what percentage of whose capital is owned by Filipinos?

The correct answer is C. 60 percent

Article XII, Section 2 allows co-production, joint venture or production-sharing agreements with Filipino citizens, or with corporations or associations at least sixty per centum of whose capital is owned by such citizens.