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Further, under, and for purposes of, the FIA, MLRC and
BFDC are both Philippine nationals, considering that:
(1) sixty percent (60%) of their respective
outstanding capital stock entitled to vote is owned
by a Philippine national (i.e., by the Trustee, in the
case of MLRC; and by MLRC, in the case of BFDC);
and (2) at least 60% of their respective board of
directors are Filipino citizens.”
OWNERSHIP OF FACILITIES
o Constitutional limit does not apply to facilities
o Right to operate a public utility may exist independently and
separately from ownership of the facilities thereof (Tatad v.
Garcia, Jr.)
o Corporation not subject to the 60% rule if it will just own the
equipment or properties that will be used by another entity
which shall operate as a public utility
o Mere owner and lessor of facilities used by a public utility is
NOT a public utility (US Jurisprudence)