EXPLAIN - Manila Prince Hotel Corporation v. GSIS (G.R. No. one two two one five six
EXPLAIN - Manila Prince Hotel Corporation v. GSIS (G.R. No. one two two one five six
Manila Prince Hotel Corporation v. GSIS held that the "Filipino First" policy in the Constitution is self-executing and judicially enforceable, and in the privatization/sale of controlling interest in Manila Hotel (treated as tied to the national economy/patrimony), a qualified Filipino who matches the foreign highest bid must be preferred and awarded the sale. The Court thus ordered GSIS to reject the award to the foreign bidder (Renong Berhad) and accept Manila Prince Hotel's matching bid. Manila Prince Hotel v. GSIS (one nine seven seven)
Key facts (context)
Key facts (context)
GSIS, as government owner/seller, privatized fifty-one percent of Manila Hotel Corporation. A foreign entity submitted the highest bid; Manila Prince Hotel (a Filipino corporation) later matched that highest bid and invoked the constitutional "Filipino First" clause. Manila Prince Hotel v. GSIS (one nine seven seven), Manila Prince Hotel v. GSIS (one nine seven seven)