A lawyer on Monday asked the Supreme Court to nullify a memorandum circular order issued by the Securities and Exchange Commission (SEC) that the regulator had applied in declaring that Philippine Long Distance Telephone Co. (PLDT) was compliant with the constitutional rule on foreign ownership.
The Securities and Exchange Commission (SEC) on Monday resolved the long-running uncertainty on the application of foreign ownership limits in Philippine corporations, saying that the 40-percent Constitutional cap must be applied to shares that entitle owners to vote, as well as the broader classification of shares whether they qualify their owners to vote or not.
The Securities and Exchange Commission (SEC) has been asked to stay true to the spirit of the Supreme Court ruling on foreign ownership, applying restrictions separately on each class of shares in utility companies.
The Supreme Court affirmed the decision of the Pasig City Regional Trial Court in dismissing the civil case filed against SM Prime Holdings Inc. for non-payment of P76.8 million amusement tax incentive reward from 2003 to 2008.
Foreign businessmen from several foreign chambers of commerce have voiced their concern over a recent Supreme Court ruling that denied the value-added tax (VAT) refund claims of a large foreign investor in the country.
The Supreme Court has upheld the dismissal for gross neglect of duty of a Land Bank of the Philippines (LBP) manager whose branch nearly cleared for encashment a bogus P26-billion check in 2002.
The securities and Exchange Commission has drafted a new set of guidelines on foreign ownership of certain industries in line with a Supreme Court ruling that only voting shares be considered in determining compliance with the 40 percent constitutional cap on foreign ownership of local companies.
Used-car importers in Cagayan Valley have asked Customs Commissioner Ruffy Biazon to allow the release of more than 200 second-hand cars and vans that arrived in Port Irene, Cagayan, on Monday, allegedly in defiance of a Supreme Court ruling upholding a 2001 executive order banning the importation of used vehicles into the country.
The Supreme Court will hold oral arguments on the petition challenging the Philippine Mining Act of 1995 when it goes to its annual summer session in Baguio City on April 16.
Last week, the Supreme Court issued an entry of judgment on its ruling in June 2011 on the issue of foreign ownership in PLDT where it held that the 60-40 (percent) nationality requirement in public utility corporations, in favor of Filipinos, refers to common shares entitled to vote in the election of directors, not to the totality of the company’s capital stock.
The Bureau of Internal Revenue is tightening its watch on hospitals that invoke tax perks, following a Supreme Court ruling that St. Luke’s Medical Center Inc. is not tax-exempt.
The Supreme Court has stopped the Bases Conversion Development Authority (BCDA) from bidding out the Bonifacio South Pointe project, giving weight to the petition of SM Land Inc., which has a pending unsolicited proposal to acquire and develop the property.
