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National Sugar Trading And/Or The Sugar Regulatory Administration vs Philippine National Bank

NATIONAL SUGAR TRADING and/or the SUGAR REGULATORY ADMINISTRATION, petitioners, vs. PHILIPPINE NATIONAL BANK, respondent.

G.R. No. 151218 | 2003-01-28

D E C I S I O N

YNARES-SANTIAGO, J.:

This is a petition for review which seeks to set aside the decision of the Court of Appeals dated August 10, 2001 in CA-G.R. SP. No. 58102,[1] upholding the decision of the Office of the President dated September 17, 1999,[2] as well as the resolution dated December 12, 2001 denying petitioners' motion for reconsideration.

The antecedent facts, as culled from the records, are as follows:

Sometime in February 1974, then President Ferdinand E. Marcos issued Presidential Decree No. 388[3] constituting the Philippine Sugar Commission (PHILSUCOM), as the sole buying and selling agent of sugar on the...