Practice question
Two qualifying funds of the same foreign state seek 18% and 14% of a public utility's capital. Explain why their assertion that each fund is below 30% does not resolve compliance. Confine your answer to the collective fund ceiling.
Legal references
- RA 11659, Sections 2(g) and 24; https://lawphil.net/statutes/repacts/ra2022/ra_11659_2022.html
- 2023 IRR of RA 11659, Section 44; https://elibrary.judiciary.gov.ph/thebookshelf/showdocs/2/97017
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