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89 Phil. L.J. 297 (2015)
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

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