IT’S FINAL. THE Philippine government can takeover over the 111,415 shares of stock of Philippine Telecommunication Investment Corporation and the corresponding shares of PTIC in the Philippine Long Distance Telephone Co.
     The Supreme Court denied with finality the motion for reconsideration of its January 20, 2006 decision granting the petition of the Republic of the Philippines for the reconveyance to it of 111,415 shares of stock of PTIC registered in the name of Prime Holdings, Inc. (PHI) and PTIC’s corresponding shares in PLDT for being part of the ill-gotten wealth of the Marcoses. The Court also denied the motions to set the case for oral argument. “The parties, including PHI and the Cojuangcos, have already extensively argued their positions on the material issues through their pleadings and motions,” the Court said.
     In the January 20 decision, the Court reversed the May 6, 2002 ruling of the Sandiganbayan dismissing the Government’s complaint for reconveyance for lack of merit. The Sandiganbayan had ruled that the Government failed to prove its case since “almost all the documents offered by the Republic are photocopies.” (Min. Res., Yuchengco and Y Realty Corp. v. Sandiganbayan, et al., GR Nos. 149802, 150320, 150367, 153207, & 153459, August 8, 2006)