CASCO PHILIPPINE CHEMICAL CO., INC. vs. PEDRO GIMENEZ, ET AL.
This is a request for review of the Auditor Generals decision of denying the petitioner refunds pertaining to their purchase of foreign exchange for the importation of urea and formaldehyde.
Sec 2 of RA 2609 exempts payment of foreign exchange for those importing 'Urea formaldehyde" for the manufacture of plywood and hardboard.
WON "Urea formaldehyde" and 'Urea and formaldehyde' be considered the same and be exempt from payment of foreign exhange.
The Supreme Court affirmed the decision of the Auditor General. Urea formaldehyde is distinct comparing to the terms Urea and Formaldehyde. The latter being the two separate chemicals while the latter is formed as a condensation product from definite proportions of urea and formaldehyde under certain conditions relating to temperature, acidity, and time of reaction.