Manila Prince Hotel VS GSIS Case Digest
Facts
Pursuant to the government privatization program, respondent GSIS or Government Service Insurance System decided to sell a portion of the share through public bidding of Manila Hotel Corporation. Petitioner Manila Prince Hotel, a Filipino Corporation, lost to a Malaysian Firm. Pending the declaration of Renong Berhad as the winning bidder, Manila Prince Hotel matched through a letter to GSIS the bid price by Renong Berhad.
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Issue
Whether or not Manila Prince Hotel should be declared as the winning bidder in the partial sell of Manila Hotel Corporation.
Ruling
Yes, Manila Prince Hotel should be declared as the winning bidder in the partial sell of Manila Hotel Corporation.
It is in consonance with the “Filipino First” provision of Section 10, Article XII of the 1987 Constitution. Also, the Constitution is the fundamental, paramount, and supreme law of the land, it is deemed written in every statute and contract
Hence, the respondent must sell to Manila Prince Hotel Corporation the subject 51% of shares of the Manila Hotel Corporation at the matching bid.
Manila Prince Hotel VS GSIS Case Digest
