Lawyers Group Backs High Court Ruling on Definition of Capital

Article excerpt

MANILA, Philippines - The Young Lawyers in Support of Anti-Trust Law (YLSAT) expressed support on the Supreme Court's ruling on foreign ownership which defines capital as being both voting and non-voting shares.YLSAT believes the negative impact of the Supreme Court ruling on Philippine Long Distance and Telephone Company's alleged violation of the Philippine Constitution's limitation on foreign ownership is over blown."We have talked to some businessmen and most of them have factored in the mandate of the Constitution's cap on foreign ownership," said Atty. Francis Aguilar, one of the YLSAT group members.He noted that 'what they are complaining about are not the fundamental laws but the changing rules and regulations.'The fundamental laws of the land that (1) safeguard the operation of public utilities and protect national security and in another aspect, (2) promote public interest by banning monopolies constitute state policy that is universally adhered to in most countries, said Aguilar.In the Philippines, the former falls under Section 11, Article XII of the Constitution and the latter, under Section 19, Article XII."If a foreign-owned company attempts to gain monopoly/control or a strategic public utility is unchecked, national security is at stake," Aguilar pointed out. …