This case has been cited 4 times or more.
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2015-07-13 |
LEONARDO-DE CASTRO, J. |
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| Under Article 2229, exemplary or corrective damages may be imposed, by way of example or correction for the public good, in addition to the moral, temperate, liquidated, or compensatory damages. We reiterate that the business of banking is impressed with public interest and great reliance is made on the bank's sworn profession of diligence and meticulousness in giving irreproachable service. Banks must always act in good faith and must win the confidence of clients and people in general.[54] Because Allied Bank failed to comply with its undertaking in the letters dated August 22, 1996 and January 27, 1997, it is ordered to pay GGDI exemplary damages in the sum of P150,000.00.[55] | |||||
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2014-04-21 |
ABAD, J. |
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| The dissenting opinion of Justice Mendoza claims that another proof of a de facto merger is that in a case, Bancommerce qualified TRB in its Ex Parte Petition for Issuance of Writ of Possession with the words "now known as Bancommerce." But paragraph 3 of the Ex Parte Petition shows the context in which such qualification was made. It reads:[29] | |||||
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2014-04-21 |
ABAD, J. |
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| Also, in a letter dated November 2, 2005 Atty. Juan De Zuñiga, Jr., Assistant Governor and General Counsel of the BSP, clarified to the RTC the use of the word "merger" in their January 29, 2003 letter. According to him, the word "merger" was used "in a very loose sense x x x and merely repeated, for convenience" the term used by the RTC.[31] It further stated that "Atty. Villanueva did not issue any legal pronouncement in the said letter, which is merely transmittal in nature. Thus it cannot, by any stretch of construction, be considered as binding on the BSP. What is binding to the BSP is MB Res. 58 referring to the aforementioned transaction between TRB and Bancommerce as a purchase and assumption agreement."[32] | |||||
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2012-07-04 |
MENDOZA, J. |
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| On a final note, FEBTC should have been more circumspect in dealing with its clients. It cannot be over emphasized that the banking business is impressed with public interest. Of paramount importance is the trust and confidence of the public in general in the banking industry. Consequently, the diligence required of banks is more than that of a Roman pater familias or a good father of a family. The highest degree of diligence is expected.[27] In handling loan transactions, banks are under obligation to ensure compliance by the clients with all the documentary requirements pertaining to the approval and release of the loan applications. For failure of its branch manager to exercise the requisite diligence in abiding by the MORB and the banking rules and practices, FEBTC was negligent in the selection and supervision of its employees. In Equitable PCI Bank v. Tan,[28] the Court ruled: xxx. Banks handle daily transactions involving millions of pesos. By the very nature of their works the degree of responsibility, care and trustworthiness expected of their employees and officials is far greater than those of ordinary clerks and employees. Banks are expected to exercise the highest degree of diligence in the selection and supervision of their employees.[29] | |||||