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PHILIPPINE EXPORT AND FOREIGN LOAN GUARANTEE CORPORATION (NOW TRADE AND INVESTMENT DEVELOPMENT CORPORATION OF THE PHILIPPINES), PETITIONER, VS. AMALGAMATED MANAGEMENT AND DEVELOPMENT CORPORATION, FELIMON R. CUEVAS, AND JOSE A. SADDUL, JR., RESPONDENTS.

PHILIPPINE EXPORT AND FOREIGN LOAN GUARANTEE CORPORATION (NOW TRADE AND INVESTMENT DEVELOPMENT CORPORATION OF THE PHILIPPINES), PETITIONER, VS. AMALGAMATED MANAGEMENT AND DEVELOPMENT CORPORATION, FELIMON R. CUEVAS, AND JOSE A. SADDUL, JR., RESPONDENTS.

G.R. No. 177729 | 2011-09-28

FIRST DIVISION
 
D E C I S I O N

BERSAMIN, J.:

The matter for resolution refers to the liability of persons who agree to be jointly and solidarily liable with the main obligor.
 
In its decision rendered on April 30, 2007 in C.A.-G.R. CV No. 78427,[1] the Court of Appeals (CA) affirmed the decision dated December 27, 2002 of the Regional Trial Court (RTC), Branch 148, in Makati City in Civil Case No. 94-638,[2] absolving the co-obligors. Not satisfied with the result, the petitioner is now before us to assail the CA's decision.

Antecedents
 
The petitioner, formerly the Philippine Export and Foreign Loan Guarantee Corporation but...