The PLDT Ownership

I lose interest in the stock market every couple of months.  Once in a while though, something tickles me back.  Lately, it was the PLDT ownership issue.  Despite MVP's panicked predictions, I'm not sure why the decision is being questioned.   To a non-lawyer, it seems simple to me.  The Constitution lays out the onwership requirements.  The spirit of the law is for locals to retain ownership of crucial industries.   So even if PLDT's structure has been like that for decades, it's still questionable.  The only possible interpretation is that voting shares should be considered in computing for the ownership ratio.  It's not about source of capital at all; it's about control.  Anyone who claims that it's not (like MVP) is just trying to run circles around the law.  It's pilosopo.   Control will be with common share holders, preferred shareholders with voting rights and preferred shareholders or debtors with an option to convert to common stocks (or similar instruments). 

Is the constitution outdated?  I've no judgment about that, but it's simply irrelevant for this case.  That's it!  See you in a few months!

Oh speaking of preferred shares, I got a couple of few months back (Petron Preferred and AC Preferred).  They yield over 7% at the time so it's cool.