D E C I S
I O N
(En Banc)
BELLOSILLO, J.:
I.
THE FACTS
Pursuant
to the privatization program of the Philippine Government, the GSIS sold in
public auction its stake in Manila Hotel Corporation (MHC). Only 2 bidders
participated: petitioner Manila Prince Hotel Corporation, a Filipino
corporation, which offered to buy 51% of the MHC or 15,300,000 shares at P41.58 per share, and Renong
Berhad, a Malaysian firm, with ITT-Sheraton as its hotel operator, which bid
for the same number of shares at P44.00
per share, or P2.42 more
than the bid of petitioner.
Petitioner filed a petition before the
Supreme Court to compel the GSIS to allow it to match the bid of Renong Berhad.
It invoked the Filipino First Policy enshrined
in §10, paragraph 2, Article XII of the 1987 Constitution, which
provides that “in the
grant of rights, privileges, and concessions covering the national economy and
patrimony, the State shall give preference to qualified Filipinos.”
