This case has been cited 1 times or more.
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2013-07-24 |
VILLARAMA, JR., J. |
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| Lastly, we agree with petitioner Westwind that the CA erred in imposing an interest rate of 12% on the award of damages. Under Article 2209 of the Civil Code, when an obligation not constituting a loan or forbearance of money is breached, an interest on the amount of damages awarded may be imposed at the discretion of the court at the rate of 6% per annum.[64] In the similar case of Belgian Overseas Chartering and Shipping N.V. v. Philippine First Insurance Co., Inc.,[65] the Court reduced the rate of interest on the damages awarded to the carrier therein to 6% from the time of the filing of the complaint until the finality of the decision. | |||||