Court of Appeals turns down Banco Filipino TRO
By Lailany P. Gomez, Reporter
The Bangko Sentral ng Pilipinas (BSP) said the Court of Appeals has turned down a petition by stockholders of Banco Filipino Savings & Mortgage Bank to reopen the lender after its closure last March.
In a statement, the BSP said the Court of Appeals Special 14th Division did “not find sufficient cause to grant it.”
The resolution, dated May 18, was written by Associate Justice Agnes Reyes-Carpio and concurred in by Associate Justices Amelita Tolentino and Marlene Gonzalez-Sison.
The appellate court said that Banco Filipino’s application for a temporary restraining order (TRO) was denied, the same hinged on the December 11, 1991 decision of the Supreme Court that ordered the then-Central Bank of the Philippines to allow the bank to reopen after it was placed under receivership in 1985.
According to the BSP, its predecessor had complied with the High Tribunal’s order when Banco Filipino resumed business on July 1, 1994.
For the lender to secure a TRO, the appellate court said “there must be patent showing by the applicant that there exists a right to be protected and that the acts against which the writ is to be directed are violative of said right.”
The court said placing Banco Filipino under the receivership of the Philippine Deposit Insurance Corp. (PDIC) cannot be a violation of the lender’s right since it was presumed to have been done in the regular performance of the regulator’s duties.
“Unless adequate and determined efforts are taken by the government against distressed and mismanaged banks, public faith in the banking system is certain to deteriorate to the prejudice of the national economy itself, not to mention the losses suffered by the bank depositors, creditors and stockholders, who all deserve the protection of the government,” the court said.
The appellate court said the mandate of the BSP is to regulate and supervise banks to ensure that the latter have sound lending practices and practice good corporate governance.
The BSP’s policy-making Monetary Board on March 17 decided to place Banco Filipino under the receivership of the PDIC amid the bank’s incapacity to pay its liabilities as they become due in the ordinary course of business.
The PDIC has since paid deposit insurance to 75,330 depositors with balances of P5,000 and below, with total payments reaching P86.2 million.
Source: http://www.manilatimes.net/business/court-of-appeals-turns-down-banco-filipino-tro/
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