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The petitioner opposed the acquisition of 37% of common shares of Philippine Long Distance Telephone Company (PLDT) by First Pacific, a foreign corporation, as it would cause foreign ownership to exceed the 40% threshold under the Constitution. The respondent argued the acquisition was lawful under Presidential Decree 217 as PLDT consumers owned non-voting preferred shares, making the total capital majority Filipino-owned. The Supreme Court ruled the term "capital" in the Constitution refers to common share

Author

loisdanielle

Language

EN