PLDT foreign ownership questioned

A councilor in Bacolod City and a group of lawyers are seeking the nullification of a memorandum circular issued by the Securities and Exchange Commission (SEC) in favor of the Philippine Long Distance Telephone Co. (PLDT).

A petition signed by Councilor Wilson Gamboa Jr. of Bacolod City, son of the late Batasang Pambansa member Wilson Gamboa Sr., and several others, the High Tribunal was asked to declare the SEC as having gravely abused its discretion when it ruled that PLDT has complied with the constitutional rule on foreign ownership.