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445
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446
P250,000.00
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240,900.00
9,100.00
P500,000.00
447
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448
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449
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450
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P250,000.00
c)
182,413.91
67,586.09
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reply:
Dear Sirs:
This is with reference to your letter of January 21, 1955, regarding
the release of your loan under consideration of P500,451
451
Saura Import & Export Co., Inc. vs. Development Bank of the Phil.
000. As stated in our letter of December 22, 1954, the releases of the
loan, if revived, are proposed to be made from time to time, subject
to availability of funds towards the end that the sack factory shall
be placed in actual operating status. We shall be able to act on your
request for revised purposes and manner of releases upon reappraisal of the securities offered for the loan.
With respect to our requirement that the Department of
Agriculture and Natural Resources certify that the raw materials
needed are available in the immediate vicinity and that there is
prospect of increased production thereof to provide adequately the
requirements of the factory, we wish to reiterate that the basis of
the original approval is to develop the manufacture of sacks on the
basis of the locally available raw materials. Your statement that
you will have to rely on the importation of jute and your request
that we give you assurance that your company will be able to bring
in sufficient jute materials as may be necessary for the operation of
your factory, would not be in line with our principle in approving
the loan.
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452
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453
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8 Manresa, p. 294.
2 Castan, p. 560.
454
454
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