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Phil. Leisure & Retirement Authority Vs. The Hon. Court of Appeals, et al

PHILIPPINE LEISURE AND RETIREMENT AUTHORITY (formerly Philippine Retirement Authority), Petitioner, versus THE HONORABLE COURT OF APPEALS, THE HONORABLE REGIONAL TRIAL COURT, BRANCH 57, and PHILIPPINE RETIREMENT AUTHORITY ASSOCIATION (PRAMA), Respondents.

G.R. No. 156303 | 2007-12-19

D E C I S I O N


VELASCO, JR., J.:

Petitioner Philippine Leisure and Retirement Authority (PLRA), formerly Philippine Retirement Authority, is a government-owned and controlled corporation created by Executive Order No. 1037, entitled Creating the Philippine Retirement Park System, Providing Funds Therefor and for Other Purposes. The PLRA was created to develop and promote the Philippines as a retirement haven. PLRA implemented the Philippine Retirement Program (program) to attract former Filipinos, now foreigners (balikbayans), to invest in the Philippines. Under the program, all foreign nationals, except those classified as restricted...