REPUBLIC OF THE PHILLIPPINES
REGIONAL TRIAL COURT
FOURTH JUDICIAL REGION
BRANCH 25
CITY OF BIÑAN, LAGUNA

x------------------------------------------------------x

O R D E R

Before this court is a petition for assistance in the Liquidation of Express Savings Bank, Inc. filed by the Office of the General Counsel of Philippine Deposit Insurance Corporation.

The following are alleged in the said petition, among others, petitioner is a government instrumentality with principal office address at SSS Building, Ayala Avenue corner V.A. Rufino Street, Makati City, created and existing under and by virtue of Republic Act No. 3591, as amended, (PDIC) is the designated Liquidator of Express Savings Bank, Inc. (“ESBI”, for brevity) Prior to its closure, ESBI was a bank organized and existing in accordance with laws of the Republic of the Philippines with principal place of business address at Rizal Avenue, Cabuyao, Laguna On July 7, 2011 pursuant to Monetary Board Resolution No. 987 of the Bangko Sentral ng Pilipinas (BSP for brevity), ESBI was placed under the receivership of the petitioner and was prohibited from doing business in the Philippines Consistent with and on the strength of said Resolution, petitioner took over the assets and affairs of ESBI on July 8, 2011. Under Section 30 of Republic Act 7653, otherwise known as “The New Central Bank Act.” Petitioner as such Receiver, is mandated among others, to determine whether the institution may be rehabilitated or otherwise placed in such a condition so that it may be permitted to resume business with safety to its depositors and creditors and the general public. Pursuant thereto, on 12 December 2011, petitioner transmitted through a letter dated 02 December 2011, a Receivership Report to the Monetary Board stating among others that ESBI cannot be rehabilitated nor can it resume business with safety to its depositors creditors and the general public. On December 15, 2011, on the basis of the aforementioned Receivership Report, the Monetary Board Issued a Resolution No. 1874 designating petitioner as the liquidator of ESBI and directing it to proceeds with the liquidation of the Bank. Members of the Board of Directors of ESBI were notified by the Officer-in-Charge of the Integrated Supervision Department II, Bangko Sentral ng Pilipinas, of this Resolution of the Monetary Board through letters dated December 29, 2011.Consistent therewith, petitioner hereby submits a copy of the Master Receivership/Liquidation Plan which was duly adopted and approved by its Board of Directors in Resolution No. 2007-12-07 dated December 20, 2007 for general application in the liquidation of all closed banking institutions. Petitioner anticipates states that in the course of the liquidation of ESBI, disputed claims, issues and other matters material or relevant to its liquidation may arise. Thus, pursuant to the provision of Section 30 supra petitioner seeks the assistance of the Honorable Court in the resolution thereof.

Finding the petition to the sufficient in form and substance, the same is hereby set for hearing on July 27, 2012 at 8:30 o’clock in the morning at the Regional Trial Court of Laguna, Hall of Justice, Canlalay, Biñan, Laguna, at which date, hour and place aforesaid, any interested person or persons may appear and show cause, if there is any, why the said petition should not be granted.

Cause the prompt publication of this Order at the expense of the petitioner once in a newspaper of general circulation in the Philippines and the posting hereof by the Deputy Sheriff of this Court at the Bulletin Board of this Court, at the Provincial Capitol Building, Sta.Cruz, Laguna and City Hall of Biñan, Laguna for at least two (2) consecutive weeks prior in the date of the initial hearing.

SO ORDERED.
City of Biñan, Laguna, March 23, 2012.