Assessing Compliance with Foreign Ownership Restrictions under Narra Nickel
![handle is hein.journals/philplj89 and id is 315 raw text is:
ASSESSING COMPLIANCE WITH FOREIGN OWNERSHIP
RESTRICTIONS UNDER NARRA NICKEL*
NOTE
John Glenn AgbayaniJr.**
Paolo S. Tamase***
INTRODUCTION
The 1987 Constitution was drafted at a time of increased
nationalism, 1 resulting in a basic law that was protective of things
Filipino.2 Quite explicitly, one of the main concerns of the basic law was to
develop a self-reliant and independent national economy effectively
controlled by Filipinos.3 Hence, several provisions in the 1987 Constitution
were devoted to nationalizing industries and economic areas vested with the
highest public interest. 4 Almost three decades after its ratification, the
Constitution continues to be interpreted in light of the paradigm in 1987.
Meanwhile, public opinion has at least partly shifted to creating a more
liberal investment climate in the interest of economic growth and
prosperity.5
Cite as John Glenn Agbayani & Paolo Tamase, Note, Assessing Compliance with
Foreign Ownershib Restictions Under Narra Nickel, 89 PHIL. L.J. 297, (page cited) (2015).
Editor, PHILIPPINE LAW JOURNAL (2015). J.D., University of the Philippines
College of Law (2016, expected). B.A. Psychology, cum laude, University of the Philippines
(2012).
_ Chair, PHILIPPINE LAW JOURNAL (2014). J.D., University of the Philippines
(2016, expected). B.S. Business Economics, magna cum laude, University of the Philippines
(2012).
1 The framers themselves were caught in intense debates on what should prevail
between a liberal economic policy balanced by concern for social justice and [...] a more
protectionist constitution because of distrust of foreign and local business magnates.
JOAQUIN G. BERNAS, SJ, THE 1987 CONSTITUTION OF THE REPUBLIC OF THE PHILIPPINES:
A COMMENTARY 1005-6 (1996 ed.).
2 Id. at 1006.
3 CONST. art II, §19.
4 Art. XII, §§ 2, 10, 11 & 14, on public utilities, land, natural resources, and the
practice of professions; art. XVI, § 11, on mass media and advertising. See also Manila Prince
Hotel v. Gov't Service Insurance System, G.R. No. 122156, 267 SCRA 408, Feb. 3, 1997, as
to the Filipino First Policy.
5 In the past two decades, Congress has enacted several laws aimed at liberalizing
the economy. See Rep. Act No. 7042, as amended (1996), § 2 [Foreign Investments Act,
hereinafter FIA'; Rep. Act No. 8762 (2000) [Retail Trade Liberalization Act of 2000],
297](ViewImageLocal?handle=hein.journals/philplj89&div=18&collection=&method=preview&ext=.png&size=3)
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Assessing Compliance with Foreign Ownership Restrictions under Narra Nickel
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