CONSTITUTIONAL LAW REVIEW | Gamboa vs. Teves, 652 SCRA 690 (2011)

Gamboa vs. Teves, 652 SCRA 690 (2011) FACTS On 28 February 2007, petitioner filed the instant petition for prohibition, injunction, declaratory relief, and declaration of nullity of sale of the 111,415 PTIC shares. Petitioner claims, among others, that the sale of the 111,415 PTIC shares would result in an increase in First Pacific's common shareholdings in PLDT from 30.7 percent to 37 percent, and this, combined with Japanese NTT DoCoMo's common shareholdings in PLDT, would result to a total foreign common shareholdings in PLDT of 51.56 percent which is over the 40 percent constitutional limit. Petitioner asserts: If and when the sale is completed, First Pacific's equity in PLDT will go up from 30.7 percent to 37.0 percent of its common - or voting- stockholdings, x x x. Hence, the consummation of the sale will put the two largest foreign investors in PLDT - First Pacific and Japan's NTT DoCoMo, which is the world's largest wireless telecommunications firm, o...