Cited Laws
TL;DR — Ruling
WHEREFORE, judgment is hereby rendered as follows: Declaring the Pre-Incorporation Agreement among the parties valid and effective ; Declaring plaintiff PPIC's right under the Pre-Incorporation Agreement to utilize, develop, operate, manage and administer the 15.3 hectare area of the Poro Point Seaport which it currently occupies. Conversely, the defendants shall be relieved from complying with the stipulated undertakings to deliver the remainder of about 64.
WHEREFORE, judgment is hereby rendered as follows: Declaring the Pre-Incorporation Agreement among the parties valid and effective ; Declaring plaintiff PPIC's right under the Pre-Incorporation Agreement to utilize, develop, operate, manage and administer the 15.3 hectare area of the Poro Point Seaport which it currently occupies. Conversely, the defendants shall be relieved from complying with the stipulated undertakings to deliver the remainder of about 64.7 of the seaport and industrial areas of PPSEFZ to the plaintiffs. Declaring the amount of [PHP 9,562,500.00] as the guaranteed minimum annual revenue corresponding to the 15.3 hectare seaport area actually delivered to PPIC to retroact to November 1999 subject to the escalation clause as stated in the Pre-Incorporation Agreement; the overpayments previously made by BHI/PPIC shall be applied to the succeeding revenues beginning 2006 until the same has been fully consumed ; and Declaring PPIC's right to the renewal of its registration as a PPSEFZ enterprise. No pronouncement as to costs. SO ORDERED.