Practice question
A proposed acquisition concerns a public service that is not on the public-utility list. It would grant indirect control to a foreign corporation. The buyer argues section 23 is categorically unavailable because the service is not a utility and control is indirect. Which is correct?
- Both asserted exclusions are stated in section 23
- Indirect control is never relevant
- The provision covers public services and expressly includes indirect foreign control, subject to its other requirements
- Only physical assets can be reviewed
- The buyer’s contract automatically repeals the power
Legal references
- https://lawphil.net/statutes/repacts/ra2022/ra_11659_2022.html — RA 11659, section 23
- https://elibrary.judiciary.gov.ph/thebookshelf/showdocs/2/97017 — final IRR of RA 11659, national-security review provisions
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