We are representing Standard Chartered Bank in pursuing 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 wherein it secured a PHP5 billion loan facility extended by Standard Chartered Bank (as well as 3 other banks) to Philippine Phosphate Corporation, which had defaulted due to its insolvency.