Supremacy of the Constitution – Filipino First Policy
Pursuant to the privatization program of the government, GSIS decided to sell 30-51% of the Manila Hotel Corporation. Two bidders participated, MPH and Malaysian Firm Renong Berhad. MPH’s bid was at P41.58/per share while RB’s bid was at P44.00/share. RB was the highest bidder hence it was logically considered as the winning bidder but is yet to be declared so. Pending declaration, MPH matches RB’s bid but GSIS refused to accept. In turn MPH filed a TRO to avoid the perfection/consummation of the sale to RB.