PLDT awaits SC decision on foreign ownership rule

Philippine Long Distance Telephone Co. is now waiting for a Supreme Court en banc decision affirming its earlier resolution that the telco giant violated the 1987 Constitution by breaching 40-percent foreign ownership limit on utility companies.   Reports have it – citing highly placed sources – that the high tribunal voted to deny a motion for reconsideration PLDT filed last year on the SC resolution that said the company exceeded the 40-percent foreign ownership allowed by the Constitution by having foreign investors control more than 64 percent of its common voting shares.   “It would be difficult to us to say anything at this point,” PLDT spokesperson Mon Isberto said in a text message on Thursday.   “Let us wait until the SC issues its ruling and we have a chance to study,” he added.   During its summer session in Baguio last April, the SC started hearing the oral arguments on PLDT’s equity structure.    In a ruling penned by Associate Justice Antonio Carpio last year, the SC noted the Manuel V. Pangilinan-led company exceeded the 40-percent foreign ownership rule. — Rouchelle Dinglasan/VS GMA News