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JG Summit Holdings, Inc. vs. Court of Appeals, et al.

JG SUMMIT HOLDINGS, INC., petitioner, vs. COURT OF APPEALS, COMMITTEE ON PRIVATIZATION, its Chairman and Members; ASSET PRIVATIZATION TRUST and PHILYARDS HOLDINGS, INC., respondents.

G.R. No. 124293 | 2003-09-24

R E S O L U T I O N

PUNO, J.:

The core issue posed by the Motions for Reconsideration is whether a shipyard is a public utility whose capitalization must be sixty percent (60%) owned by Filipinos. Our resolution of this issue will determine the fate of the shipbuilding and ship repair industry. It can either spell the industry's demise or breathe new life to the struggling but potentially healthy partner in the country's bid for economic growth. It can either kill an initiative yet in its infancy, or harness creativity in the productive disposition of government assets.

The facts are undisputed and can be summarized briefly as...