Republic of the Philippines
REGIONAL TRIAL COURT
Third Judicial Region
Malolos City, Bulacan
BRANCH 84

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O R D E R

A verified petition for assistance in the liquidation of Rural Bank of San Ildefonso (Bulacan), Inc. was filed by petitioner Philippine Deposit Insurance Corporation (PDIC for brevity), alleging among others, that: it is a government instrumentality with office address at the SSS Building, 6782 Ayala Avenue corner V.A. Rufino Street, 1228 Makati City, created and existing under and by virtue of Republic Act No. 3591, as amended, is the designated Statutory Liquidator of the Rural Bank of San Ildefonso (Bulacan), Inc. (RB San Ildefonso for brevity); prior to its closure, RB San Ildefonso was a bank organized and existing in accordance with the laws of the Republic of the Philippines with principal business address located at Cagayan Valley Road, Poblacion, San Ildefonso, Bulacan; on December 1, 2009, pursuant to Resolution No. 1719 (Annex A) of the Monetary Board of the Bangko Sentral ng Pilipinas (BSP for brevity), RB San Ildefonso was placed under receivership of the PDIC and was prohibited from doing business in the Philippines after determining that RB San Ildefonso (a) is considered to have suspended the payment of its deposit liabilities continuously for more than (30) days; (b) is unable to pay its liabilities as they become due in the ordinary course of business; (c) has insufficient realizable assets, as determined by the Banko Sentral ng Pilipinas to meet its liabilities; and (d) cannot continue in business without involving probable losses to its depositors and creditors; and considering that RB San Ildefonso’s Board of Directors through its Resolution No. 2009-32 dated 5 November 2009 has already resolved to voluntarily surrender the said bank to the BSP for receivership in accordance with Section 30 of Republic Act No. 7653; and that the bank had been accorded due process; consistent with and on the strength of said resolution, the petitioner took over the assets and affairs of RB San Ildefonso on December 2, 2009; under Section 30 of Republic Act 7653 otherwise known as the New Central Bank Act, petitioner as the receiver of RB San Ildefonso is mandated 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 or be placed under liquidation; pursuant thereto, petitioner reported

to the Monetary Board of the BSP that RB San Ildefonso, as its present financial condition; cannot be rehabilitated or resume business with safety to its depositors, creditors and the general public, and recommended that the bank be placed under liquidation as evidenced by the report (Annex B); on July 8, 2010, the Monetary Board of BSP issued Resolution No. 930 (Annex C) directing the petitioner to proceed with the liquidation of RB San Ildefonso in accordance with Section 30 of the New Central Bank Act; the petition is being filed pursuant to said Section 30 of the New Central Bank Act; petitioner hereby submits a copy of the Master Receivership/Liquidation Plan for Closed Banks (Annex D) which was duly adopted and approved by its Board of Directors in Resolution No. 2007-12-07 dated December 2007 for general application in the liquidation of all closed banking institutions; petitioner anticipates that in the course of the liquidation of RB San Ildefonso disputed claims, issues and other matters material or relevant to the liquidation of RB San Ildefonso may arise; thus, pursuant to the provision of Section 30, supra, petitioner seeks the assistance of the Honorable Court in the Resolution of the disputed claims and relevant issues.

WHEREFORE, let the instant petition be set for hearing on March 27, 2012 at 8:30 o’clock in the morning on which date, time and place, all persons who may have claims against the bank to appear and show cause why this petition should not be granted.

Let a copy of this order be published once a week for two (2) consecutive weeks in a newspaper of general circulation in the Philippines and posted by the Deputy Sheriff of this Court at the main entrance of the Provincial Capitol Building of Malolos, Bulacan, at the Municipal Building of San Ildefonso, Bulacan, the bulletin board of this Branch, and the premises of Rural Bank of San Ildefonso (Bulacan), Inc. at least (30) days prior to the scheduled date of hearing at the expense of the petitoner.

Likewise, let copy of the same order be furnished the Banko Sentral ng Pilipinas.

SO ORDERED.

City of Malolos, Bulacan, December 26, 2011.

Original Signed WILFREDO T. NIEVES Presiding Judge