Oral arguments on PLDT ownership case setOral arguments on PLDT ownership case set

THE Supreme Court (SC) will hold oral arguments on the motions that sought the reversal of its landmark decision last year that redefined the term “capital” in the constitutional provision, which limits to 40 percent the foreign ownership of public utilities.

Court administrator and spokesman Jose Midas Marquez said the oral arguments will be held at 2 p.m. of April 17 in Baguio City, where magistrates regularly hold their summer sessions.

The hearing was in connection with the June 28, 2011 en banc decision that granted the petition filed by lawyer Wilson Gamboa, who sought to annul the sale of the government-acquired 111,415 Philippine Telecommunications Investment Corporation (PTIC) shares in the Philippine Long Distance Telephone Co. (PLDT) to the Hong Kong-based First Pacific Co. Ltd. in the amount of P25.2 billion.

Gamboa, a stockholder of PLDT, said in his petition that the sale of PTIC shares to First Pacific violates the constitutional limitation on foreign ownership of a public utility.

The SC, through the ponencia of Associate Justice Antonio Carpio, claimed the term “capital” in a public utility corporation refers only to shares of stocks entitled to vote in the election of directors or the so-called “common shares,” and not to the total outstanding capital stocks composed of “common” or voting shares and “preferred” or non-voting shares.

It then directed the Securities and Exchange Commission (SEC), one of the parties in the case, “to apply this definition of the term ‘capital’ in determining the extent of allowable foreign ownership in respondent PLDT and if there is violation of Section 11, Article XII of the Constitution, to impose appropriate sanctions under the law.”

The Court further ordered SEC to look “only to common shares, and not to the total outstanding, capital stock” in the case of PLDT.

PLDT chair Manuel Pangilinan, its president Napoleon Nazareno, the Philippine Stock Exchange (PSE), and the SEC have since filed separate motions asking the Court to abandon its June 28 ruling.

Pangilinan warned of “a very serious adverse repercussions on the country’s economy if the ruling will not be reversed.”
PSE also echoed the businessman’s sentiments, saying the country’s economy stands to lose more than P630 billion in allowable foreign investments in PSE-listed shares or equivalent to a loss of nine percent of the current total fair market value of the PSE-listed shares if the decision is implemented.

Earlier, Chief Justice Renato Corona claimed the Court’s ruling is “purely legal,” as he admitted that the Court did not consider the economic implications of its ruling on the PLDT case as none of the parties raised the same in their pleadings.

Corona said it was only after the Court released its ruling on the PLDT case that concerned parties have come forward to warn about its possible economic repercussions.

Corona was among those who dissented from the majority decision penned by Carpio.
http://www.sunstar.com.ph/manila/local-news/2012/03/06/oral-arguments-pldt-ownership-case-set-209810
Highly recommended beach resort in North Luzon for company outings and family retreats is most frequently visited hotel in Clark Pampanga because of beautiful view and good outdoor facilities for swimming, picnic and barbecue.

Families traveling out of town go to the north to get away from Manila to unwind, relax and swim with friends and children. Highly recommended holiday spot and vacation destination this summer in the north is Clearwater Beach Resort in Clark. Clark is adjacent to Pampanga’s Angeles City which is just 70 minutes from Manila and 25 minutes from Subic. Many visitors also come to Clark to play golf in one of the best golf courses in Pampanga. Pampanga is home to some of the finest golf courses outside of Manila.

New camping sites and picnic grounds in Philippines are now added to Clark for family outings in outside Manila. The best campsites are located at Yats Clearwater Resort & Country Club in Pampanga Angeles City Clark Philippines. Just bring camping equipment and enjoy the fun and ambience of outdoor living camping in Clark under safe, secured and clean conditions. Outdoor activities include swimming and water sports, boating and paddling a kayak, lawn tennis, golf, shooting range and all sorts of leisure activities including colonial games like croquet and horseshoe.

Clearwater Resort & Country Club offers several styles of accommodation from US$65 up inclusive of breakfast for two at the beautiful Breakfast Garden Restaurant overlooking the large Clearwater lake and beach. This is a good rendition of the lifestyle that the Americans left behind after they left the Clark Airbase. A good short description of this lifestyle is suburban laid-back slow-paced clean living, very suitable for tourists and guests looking for a way to unwind from the stress of living in Manila.

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For reservations, comments and inquiries,

Clearwater Resort & Country Club
Creekside Road corner of Centennial Road,
Central Business District, Clark Freeport Zone,
Pampanga, Philippines 2023

Tel: (045)599-5949 0917-520-4403 0922-870-5177

Manila Sales Office
3003C East Tower, Phil Stock Exchange Center,
Exchange Rd Ortigas Metro Manila, Philippines 1605
(632) 637-5019 0917-520-4393 Rea or Chay

http://www.ClearwaterPhilippines.com

Email: Inquiry@ClearwaterPhilippines.com

Getting to this hotel in Clark Philippines
After entering Clark Freeport from Subic, Manila, Dau and Angeles City, proceed straight along Clark’s main highway MA Roxas, passing Clark’s largest wine shop called Clark Wine Center on your right, continue to bear right making no turns at all, go past Mimosa Leisure Estate on the opposite side of the road, you will hit a major intersection. Go straight and the road becomes Creekside Road. YATS Clearwater Resort and Country Club is on your right just 200m down. Traffic in Clark Philippines is light so it should be quite easy for get to this hotel in Clark Philippines.

For inquiries and bookings, click here to contact Clearwater Resort now

Wedding couples looking for wedding reception venues and beach wedding venues can log on to this Philippines Wedding Venue web site for free information and assistance:

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While in Clark, it might be a good idea to enjoy an evening of wine-and-dine in the fine dining Yats Restaurant and Wine Bar that features an award winning 2700-line wine list. It is located in Mimosa Leisure Estate of Clark Freeport Zone. For more information, visit http://www.YatsRestaurant.com

YATS Leisure Philippines is a developer and operator of clubs, resorts and high-class restaurants and wine shops in Clark Angeles Philippines http://www.YatsLeisure.com

While in Clark, one might as well add to the itinerary a visit to the famous Clark Wine Center, the largest wine shop in Philippines which offers over 2000 selections of fine vintage wine from all wine regions, vintages spanning over 50 years covering all price ranges.
http://www.ClarkWineCenter.com

Looking for famous tourists spots, places to visit and see, relax and unwind in Clark, Pampanga, Philippines? You may want to check out these sites also:

http://www.LondonPubClark.com

http://www.HotelClarkPhilippines.com

http://www.ClarkPhilippines.com

http://www.YatsWineCellars.com

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