Manila Prince Hotel vs GSIS
2
MANILA PRINCE HOTEL VS. GSIS Facts: Manila Prince Hotel is a Filipino corporation, who is one of the two qualified bidders to the sale of the 30% - 51% of the share of the respondent GSIS to the Manila Hotel Corporation (MHC for brevity).The other qualified bidder is the Renong Berhad a foreign corporation who owns the ITT-Sheraton Hotel. Renong Berhad is a Malaysian corporation, invited to bid for the MHC. On September 18, 1995 is the date of the bidding, were petitioner offers to buy 51% of the shares at Php 41.58 per share or Php 15,300,000.00 while Renong Berhad bid for Php 44.00 per share or Php 2.42 more than the bid of the petitioner. On September 28, 1995 petitioner sent a letter to respondent GSIS to match the bid of Renong Berhad at Php 44.00 per share and on October 20, 1995 petitioner sent a managers check to respondent for a bid security amounting to Php 33,000,000.00, but respondent GSIS refused to accept it. On October 17, 1995 petitioner filed a petition for prohibition and mandamus if fear that GSIS would hastened the execution of the contract and on October 18, 1995 the Supreme Court issue TRO to respondent from perfecting and consummating the sale to the Malaysian firm. Issue: Whether 51% share form part of the national economy and patrimony covered by the protection mantel of the constitution. Held: The Supreme Court held that in Art. XII, Sec. 10 second paragraph of the national economy and patrimony uphold the Filipino first policy wherein Filipino corporation are given preference. This article of the constitution is a self executing provision of the constitution because government agency such as GSIS is so greatly involved with the private sector, does make the government responsible for his action and the government thru GSIS has approved or authorized the action. It must be noted that GSIS carried out the
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Transcript of Manila Prince Hotel vs GSIS
MANILA PRINCE HOTEL VS. GSISFacts:Manila Prince Hotel is a Filipino corporation, !o is one o" t!e to #$ali%e& 'i&&ers to t!e sale o" t!e ()* + ,-* o" t!e s!are o" t!e respon&ent GSIS to t!e Manila Hotel Corporation .MHC "or 're/it01.T!e ot!er #$ali%e& 'i&&er is t!e Renon2 3er!a& a "orei2n corporation !o ons t!e ITT+S!eraton Hotel. Renon2 3er!a& is a Mala0sian corporation, in/ite& to 'i& "or t!e MHC.On Septe4'er -5, -66, is t!e &ate o" t!e 'i&&in2, ere petitioner o7ers to '$0 ,-* o" t!e s!ares at P!p 8-.,5 per s!are or P!p -,,()),))).)) !ile Renon2 3er!a& 'i& "or P!p 88.)) per s!are or P!p 9.89 4ore t!an t!e 'i& o" t!e petitioner. On Septe4'er 95, -66, petitioner sent a letter to respon&ent GSIS to 4atc! t!e 'i& o" Renon2 3er!a& at P!p 88.)) per s!are an& on Octo'er 9), -66, petitioner sent a 4ana2ers c!ec: to respon&ent "or a 'i& sec$rit0 a4o$ntin2 to P!p ((,))),))).)), '$t respon&ent GSIS re"$se& to accept it.On Octo'er -;, -66, petitioner %le& a petition "or pro!i'ition an& 4an&a4$s i" "ear t!at GSIS o$l& !astene& t!e eII, Sec. -) secon& para2rap! o" t!e national econo40 an& patri4on0 $p!ol& t!e Filipino %rst polic0 !erein Filipino corporation are 2i/en pre"erence. T!is article o" t!e constit$tion is a sel" e
