The high court earlier directed the Securities and Exchange Commission (SEC) to investigate if PLDT violated the 60:40 foreign ownership rule. The Philippine Constitution bars foreigners from owning over 40% of a utility firm due to security reasons. The newly issued 150 million preferred shares with voting rights on March 22 spares the SEC from probing whether the stakes of PLDT's part owners — Hong Kong-based First Pacific Co, as well as JPMorgan Asset Holdings and Japanese firms NTT Docomo Inc. and NTT Communications — breached that limit by owning around 41%. The voting preferred shares will be issued to the Beneficial Trust Fund of PLDT and other Philippine nationals. The new ownership ratio will be 65:35 in favor of Filipino investors.