In the pendance of the declaration of the foreign firm as the winning bidder/strategic partner and the

execution of the necessary contracts, the petitioner, in a letter, communicated with respondent GSIS its
tender of bid price on a par with that of the foreign firm. In a subsequent letter dated 10October 1995,
petitioner sent a manager’s check issued by Phil trust Bank for Thirty-three Million Pesos
(P33.000.000.00) as Bid Security to match the bid of the Malaysian Group, Messrs. Renong Berhad . . .
which respondent GSIS refused to accept.