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Private Development Corporation Of The Phil. Vs. Intermediate Appellate Court, Et Al.

PRIVATE DEVELOPMENT CORPORATION OF THE PHILIPPINES, petitioner, vs. THE INTERMEDIATE APPELLATE COURT AND ERNESTO C. DEL ROSARIO, respondents.

G.R. No. 73198 | 1992-09-02

D E C I S I O N


NOCON, J.:

Before Us is an appeal from the decision 1 of the then Intermediate Appellate Court which overruled the trial's court Decision 2 in Civil Case No. 82-8088.

The undisputed facts of the case are as follows:

On May 21, 1974, Davao Timber Corporation, DATICOR for brevity, and the Private Development Corporation (PDCP) entered into a loan agreement 3 whereby PDCP extended to DATICOR a loan in foreign currency equivalent to US$ 265,000.00 and another in the amount of P2,500,000.00 for the purpose of establishing a kiln drying and woodworking plant in Mati, Davao Oriental.
It was stipulated in the loan agreement,...