DEVELOP. BANK OF PHILIPPINES v. Chemtex Fibers Inc.

OPINION

EDWARD WEINFELD, District Judge.

Plaintiff, the Development Bank of the Philippines (“DBP”), was the guarantor of loans made by defendant Chemtex Fibers Inc. (“Chemtex”) to American Philippine Fiber Industries Inc. (“APFI”). Chemtex, an American corporation incorporated in New York, is engaged in the business of rendering technical and engineering services, including the design of plants and machinery for the manufacture of synthetic fibers. APFI, a corporation organized under the laws of the Republic of the Philippines, with its principal place of business in Manila, contracted with…