Standard Chartered Bank’s PHP1.12 billion claim against Philippine Guarantee Corporation

Acted for Standard Chartered Bank in pursuing its PHP1.12 billion claim against Philippine Guarantee Corporation, a government owned and controlled corporation, arising from the defendant’s failure to honour its obligation under a Guarantee Agreement wherein it secured a PHP5 billion loan facility extended by Standard Chartered Bank to Philippine Phosphate Corporation, which had defaulted due to its insolvency. Partner Jesus Paolo U. Protacio from the Tax Practice Group led the case.