The Security and Exchange Commission (SEC) has committed an error with a memorandum circular redefining 60-40 rule on foreign companies’ ownership, giving Philippine Long Distance Telephone Co. (PLDT) the chance to be majority-owned by foreign companies.
During the weekly forum at Hotel Rembrandt’s Balitaan, former Supreme Court Chief Justice Renato Corona’s lawyer, Jose Roy, Dean of Pamatasan ng Maynila, said that SEC Memorandum Circular 8 issued on May 8 clearly violated the country’s Constitution.
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