Transportation Secretary Arthur Tugade emphasized that the Philippines was now open to do business with the government of Germany, after settling the Fraport issue. It said the writ released by the Pasay court in 2004 could be considered valid only if there was proof that the P3-billion downpayment had been paid. In August 2013, a Court of Appeals ruling modified the order issued by the Pasay court. The appellate court ordered the government to pay Piatco “just compensation” of $371,426,688.24 (about P16.2 billion at that time), an amount much higher than what the Pasay court had ordered. The arbitration was concluded in December 2014 and the ICSID ordered Fraport to pay the Philippine government $5 million in damages for violating the Anti-Dummy Law.

Source: Manila Times July 04, 2017 17:03 UTC