Manila Prince Hotel v.

GSIS
The GSIS pursuant to the privatization program of the government chose to
sell 30 to 51 percent of the issued and outstanding shares of the Manila Hotel. There
were 2 bidders Manila Prince and Renong Berhad, a Malaysian and Filipino firm
resptively. The former bidded at P41.58 while the latter bidded at P44.00. Pending
the declaration of Renong Berhad as the winner, Manila Prince decided to match the
bid for P44.00 and additionally and a managers check worth 33M. GSIS refused the
offer. Subsequently, a TRO was filed preventing the sale. Manila Prince then filed an
appeal to the SC.
Petitioner argues that the manila hotel has inherent Filipino cultural value .
Petitioner also argues that since 51% of the shares of the MHC carries with it the
ownership of the business of the hotel which is owned by respondent GSIS, a
government-owned and controlled corporation, the hotel business of respondent
GSIS being a part of the tourism industry is unquestionably a part of the national
economy.

Issue:
Whether Section 10, paragraph 2 of Article 12 of the constitution is selfexecuting? (Filipino First)

Held:
The Filipino First Policy was deemed self executing. The qualified Filipino
entity must be given preference. The Supreme Court, therefore, directed the GSIS
and other respondents to cease and desist from selling the 51% shares of the MHC
to the Malaysian firm Renong Berhad, and instead to accept the matching bid of the
petitioner Manila Prince Hotel.