PHILIPPINE EXPORT AND FOREIGN LOAN GUARANTEE CORPORATION vs. V.P. EUSEBIO CONSTRUCTION, INC. | G.R. No. 140047 | July 13, 2004
PHILIPPINE EXPORT AND FOREIGN LOAN GUARANTEE CORPORATION vs. V.P. EUSEBIO CONSTRUCTION, INC. G.R. No. 140047, July 13, 2004 Facts On November 8, 1980, State Organization of Buildings, Ministry of Housing, and Construction, Baghdad, Iraq, awarded the construction of the Institute of Physical Therapy–Medical Rehabilitation Center, Phase II, in Baghdad, Iraq, to Ajyal Trading and Contracting Company, a firm duly licensed with the Kuwait Chamber of Commerce. On March 7, 1981, in behalf of Spouses Eduardo and Iluminada Santos, 3-Plex International, Inc a local contractor engaged in construction business, entered into a joint venture agreement with Ajyal. However since it was not accredited under the Philippine Overseas Construction Board, it had to assign and transfer all its right to VPECI and entered into an agreement that the execution of the project will be under their joint management. To comply with the requirements of performance bond, 3-Plex and VPEC...