C&G Law is representing Standard Chartered Bank in its PHP1.12 billion claim against Philippine Guarantee Corporation, a government owned and controlled corporation, formerly known as Trade and Investment Development Corporation and Philippine Export-Import Credit Agency. The claim arises from the defendant’s failure to honor its obligations under a Guarantee Agreement pursuant to which it secured a PHP5 billion loan facility extended by Standard Chartered Bank (and three other banks) to Philippine Phosphate Corporation which later defaulted due to insolvency. We obtained a favorable judgment awarding more than PHP1 billion to the bank and the judgment is currently under appeal.
This matter is significant as the amount claimed is considered large by Philippine litigation standards.
