On June 28 2011, the Philippine Supreme Court, voting 9-3 in the case of Gamboa v. Teves, interpreted the term 'capital' appearing in Article XII, Section 11 of the Philippine Constitution – "[n]o franchise…for the operation of a public utility shall be granted except…to corporations or associations organised under the laws of the Philippines, at least 60% of whose capital is owned by [Philippine] citizens" – as referring "only to shares of stock entitled to vote in the election of directors and not to the total outstanding capital stock comprising both common and non-voting preferred shares."
The Philippines' legal market boasts several well-rounded
heavyweights that regularly handle work in all sectors. Though many of
them have focuses in areas such as litigation, intellectual property and
energy and natural resources, they also receive mandates in highlight
transactions in the transactional practices, such as banking and capital
CONTEXT AND TRENDS
This year the Philippines saw a pick up in growth, with its economy growing 5.2% in the second quarter of 2012, outperforming neighbours and surprising industry experts....