For failure despite repeated demands to remit the amounts of P1,646,120.00 under Surety Bond No. 0038 which it issued as guarantee for the repayment of the 7 1/2% advance payment extended to Gonzalo Construction and P2,194,827.05 under Performance Bond G(13)2107 for the faithful completion of its contract with the Department for the construction of Highland Agriculture Development Project Contract Package V Road 3, respectively, in accordance with the terms and conditions embodied in the said Surety and Performance Bonds, Eastern Assurance and Surety Corporation is hereby suspended/blacklisted from transacting any business or undertaking with this Department and its line agencies effective on the date hereof, without prejudice to any judicial or administrative action that the Government will take to protect its interest.

For strict compliance.

Adopted: 29 July 1991