China National Machinery vs. Santamaria

CHINA NATIONAL MACHINERY vs. SANTAMARIA G.R. No. 185572; Februar 7! 2"12 FACTS# On 14 September 2002, petitioner China National Machinery & Equipment Corp. Corp. (CNME (CNME!, !, repr repre"e e"ente nte# # by it" chairp chairper" er"on on,, $en %onbi %onbin, n, enter entere# e# into into a Memoran#um o' n#er"tan#in )ith the North *u+on $ail)ay" Corporation 'or the con#uct o' a 'ea"ibility "tu#y on a po""ible rail)ay line 'rom Manila to San ernan#o, *a nion. On -0 uu"t 200-, the E/port mport an o' China (E3M an! an# the epartmen epartmentt o' inance inance o' the 5hilippine" 5hilippine" (O! entere# entere# into a Memoran#u Memoran#um m o'  n#er"tan#in, )herein China aree# to e/ten# 5re'erential uyer6" Cre#it to the 5hilippi 5hilippine ne o7ernmen o7ernmentt to 8nance 8nance the Northrai Northraill 5ro9ec 5ro9ect. t. :he Chine"e Chine"e o7ernment o7ernment #e"inate# E3M an a" the len#er, )hile the 5hilippine o7ernment name# the O a" the borro)er. n#er the u -0 MO, E3M an aree# to e/ten# an amount not e/cee#in S 400,000,000 in 'a7or o' the O, payable in 20 year", )ith a ;