SEC draft guidelines on Foreign Ownership

Nov 19, 2012

Last 9 November 2012, the Philippine Securities and Exchange Commission invited stakeholders to a public dialogue on the draft guidelines on foreign ownership rules.

The draft guidelines stems from the Supreme Court’s ruling on foreign ownership in the case of Wilson Gamboa vs. Philippine Long Distance Telephone Co. (PLDT). The Supreme Court ruled on the interpretation of the term “capital” in determining the percentage of foreign ownership in the PLDT case. The term “capital” refers to the controlling interest of a corporation as defined Section 11, Article XIII of the Constitution.

The SEC gave the stakeholders until 30 November to submit their respective position papers before finalizing the guidelines.

Veteran business news anchor, Mr. Coco Alcuaz, interviewed PJS Law’s Atty. Gwen Grecia-de Vera on her views on the outcome of the public dialogue and the High Court decision. To view the interview, click on the video.

Source: ANC, ABS-CBN News, Securities and Exchange Commission