MANILA, Philippines – The Supreme Court has ordered Shangri-La Properties, Incorporated to pay construction firm BF Corporation over P52 million worth of unpaid progress billings for the construction of the EDSA-Shangri-La in Mandaluyong.
The SC also said that"until this decision becomes final and executory; and, thereafter, the principal amount due, plus the interest of 6% per annum, shall likewise earn interest of 6% per annum until full satisfaction."The P52 million already accounted for the amount entitled to Shangri-La Properties"for liquidated damages for the delays incurred in finishing the project."
"The SC agreed with the findings of the Arbitral Tribunal when it considered the specific variation orders with the conformity of the Shangri-La Properties. It therefore reinstated the arbitral award in favor of BFC, which the CA previously disregarded," the SC's Public Information Office said.
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