"As noted by petitioners, other corporations like ABSCBN, GMA and Globe have issued PDRs in the past and the same were allowed by the SEC," said the CA.
"This scheme is not only prohibited by the 1987 Constitution but criminal liability is also imposed on those who violate foreign equity restrictions and evade nationalization laws of the Philippines," said Calida."If accepted by the Supreme Court, the economic implications not only on media companies but on many other industries are enormous.
"Are PDRs a circumvention of the Constitution or a clever but valid means to raise funds for the company without skirting the Constitution on foreign ownership restrictions?" asked Divina.
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