Manila Prince Hotel V.

GSIS PRINCIPLE: Verbal Legis: plain meaning of the law must be enforced FACTS: The controversy started when GSIS decided to sell 30%-51% shares of Manila Hotel Corporation. 2 bidders participated: 1) Manila Prince Hotel Corporation (P 41.58/share),and 2) RenongBerhad, a Malaysian company (P 44.00/share). MPHC tried to match the bid of RB, however GSIS has disregarded thematching bid and ready to put the sale of Manila Hotel to RenongBerhad. Petitioner MPFC filed to the Court a petition for prohibition and mandamus. o a. Invokes Sec 10 (2) Article XII of the 1987 Constitution ISSUE: Whether or not the sale of Manila Hotel to RenongBerhad violates theconstitution? RULING:YES, because the Manila Hotel has been identified with the Filipino nation and as ahistorical monument, which reflects the vibrancy of the Philippine s heritage andculture. Also because Manila hotel is part of the national patrimony and its businesss part of the national economy, the petitioner should be preferred than RenonBeradespecially since MPHC, a Filipino company, matches the bid of RB. Respondents were asked to cease the sale of Manila Hotel Corporation toRenonBerhad and accept the matching bid of Manila Prince Hotel Corporation topurchase the 51% shares of the MHC. The Filipino First Policy: Section 10 (2) Article XII: In the grant of rights, priveleges,and concessions covering the national economy and patrimony, the State shall giverpreference to qualified Filipinos.