Manila Prince Hotel vs.

GSIS* FACTS: GSIS offered 51% of common shares outstanding of Manila Hotel Corporation for PHP 44.00 per share to Renong Berhad, a Malaysian Firm. A Filipino corporation however, offered to buy MHC for PHP 41.58 per share. In October 1995, the Court issued TRO as regards the transaction with Renong Berhad. ISSUE: Whether or not GSIS violated Sec. 10, Art. 12 of the Constitution. RULING: Yes. Sec 10, Art. 12 states that corporations in the Philippines should have their owners with 60% of them as Filipinos. The Court also went over the diminished national pride should the nations cultural heritage vanish.