Republic of the Philippines
NATIONAL CAPITAL JUDICIAL REGION
REGIONAL TRIAL COURT
BRANCH 149
MAKATI CITY City of Ilagan, Isabela

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O R D E R

A verified Petition was filed by the petitioner, Philippine Deposit Insurance Corporation as part of its mandate as the Statutory Liquidator of Export and Industry Bank, Inc. (EIB) pursuant to Section 30 of Republic Act 7653, otherwise known as "The New Central Bank Act", which prayed that after finding the instant Petition for Assistance in the Liquidation of EIB to be sufficient in form and substance, issue an Order: a) directing the petitioner PDIC to cause the posting in three (3) public places and the one-time publication in a newspaper of general circulation of the Honorable Court's Order; b) setting the date and time for the initial hearing; and c) directing those who may have a claim against the assets of the Bank to file their respective claims with the petitioner within ninety (90) days from the date of publication of the above-mentioned Order, and thereafter, upon submission by the Petitioner of proof of compliance with the jurisdictional requirement, issue an Order giving due course to the instant Petition for Assistance in the Liquidation of EIB. Petitioner likewise seeks the assistance of this court in the resolution of the disputed claims and relevant issues pursuant to Section 30 of R.A. 7653 as it anticipates that in the course of the liquidation of EIB, disputed claims, issues and other matters material or relevant to the liquidation of EIB may arise.

The petition alleged, in brief, that prior to its closure, EIB was a bank organized and existing in accordance with the laws of the Republic of the Philippines, that on April 26, 2012, pursuant to Resolution No. 686, the Monetary Board of the Bangko Sentral Ng Pilipinas (BSP) prohibited EIB from doing business in the Philippines and placed it under the receivership of petitioner, on the strength of the said Resolution, petitioner took over the assets and affairs of EIB on April 27, 2012, that on July 16, 2012, petitioner submitted its initial report on the receivership of EIB to the Monetary Board, on August 9, 2012, the Monetary Board issued Resolution No. 1317, which noted petitioner's initial Receivership Report on EIB and its request for concurrence to the extension of the period within which to submit the final determination on whether EIB can be rehabilitated, that petitioner held a public bidding for the rehabilitation of EIB on October 18, 2012, however, the bidding was declared a failure as no bid was submitted; that petitioner conducted another bidding on March 20, 2013 but the re-bidding was declared a failure for the same reason that no bids were submitted to petitioner; that on April 1, 2013, petitioner reported to the Monetary Board that EIB cannot be rehabilitated; that on April 4, 2013, the Monetary Board issued Resolution No. 571 directing petitioner to proceed with the liquidation of EIB; that on April 15, 2013, in compliance with Section 30 R.A. 7653 and the said Resolution No. 571, BSP notified in writing the members of the Board of Directors of EIB of the Monetary Board's decision to proceed with the liquidation of EIB, that in the interim, on May 2, 2013, petitioner received a copy of the Petition for Certiorari (With Application for the Issuance of a Temporary Restraining Order and/or Writ of Preliminary Injunction) dated April 26, 2013 filed with the Court of Appeals by the major stockholders of EIB against petitioner and BSP, Manila, docketed as CA-G.R. SP No. 129674, which seeks among others, to reverse and set aside Monetary Board Resolution No. 571 dated April 4, 2013, that on May 16, 2013, petitioner received a copy of the Motion for Intervention and to Admit Petition (With Urgent Motion to Set Hearing for Oral Arguments) dated May 15, 2013 filed by uninsured depositors of EIB in CA-G.R. SP No. 129674, praying among others that they be allowed to intervene in the case and to annul and set aside Monetary Board Resolution No. 571 dated April 4, 2013, that in a Decision dated January 21, 2014, the Court of Appeals dismissed the Petition filed by the major stockholders of EIB as it was convinced that the BSP did not err when it ordered the liquidation of EIB; that in the same decision, the Court of Appeals also denied the Motion for Intervention filed by the uninsured depositors of EIB; that the major stockholders of EIB subsequently filed with the Court of Appeals a Motion for Reconsideration dated February 11, 2014 of the Decision but no Motion for Reconsideration was filed by the depositors of EIB; that in a Resolution dated October 10, 2014, the Court of Appeals denied the Motion for Reconsideration filed by the major stockholders of EIB for lack of merit; that in view of the said denial, the major stockholders of EIB filed with the Supreme Court a Petition for Review on Certiorari dated December 3, 2014 praying for among others, that the Decision dated January 21, 2014 and the Resolution dated October 10, 2014 of the Court of Appeals be reversed and set-aside; that to date, the Supreme Court has yet to act upon the Petition for Review on Certiorari filed by EIB's major stockholders and there neither an injunction or restraining order issued enjoining the filing of the instant Petition. Petitioner attached too its petition a copy of the Master Receivership/Liquidation Plan for Closed Banks, which was duly adopted and approved by the Board of Directors of PDIC in Resolution No. 2007-12-207 dated December 20, 2007 for general application in the liquidation of all closed banking institutions.

Finding the petition to be sufficient in form and substance and conformably with pertinent law, the petition is hereby given due course.

Accordingly, the petitioner PDIC is ordered to cause the one-time publication of this Order in a newspaper of general circulation and the posting of the same in three (3) public places including at the premises of the closed EIB bank main office and thereafter to file a report of compliance of such undertaking to this Court, and to submit, from time to time, a progress report of the recoveries made and such other matters that may be deemed necessary for the settlement of the liquidation of the Export and Industry Bank, Inc. Within ninety (90) days from the date of the publication of this Order in a newspaper of general circulation, those who may have a claim against the assets of EIB are directed to file their respective claims with the petitioner PDIC at their address at SSS Building, 6782 Ayala Avenue corner V.A. Rufino Street, 1228 Makati City.

For the purpose of presenting compliance of publication and posting, let this petitioner be set for initial hearing on April 14, 2015 at 8:30 a.m.

SO ORDERED.

Makati City, February 13, 2015.