Republic of the Philippines
REGIONAL TRIAL COURT OF BULACAN
Third Judicial Region
BRANCH 7, MALOLOS CITY

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ORDER

Petitioner, thru counsel, filed the instant petition alleging therein that it is a government-instrumentality, with principal office address at SSS building, Ayala Avenue corner Rufino Street, Makati City, created and existing under and by virtue of Republic Act. No. 3591, as amended, (PDIC Charter); that it is the designated Liquidator of the SANDIGAN SAVINGS BANK, INC. (“SSBI”); that prior to its closure, SSBI was a bank organized and existing in accordance with the laws of the Republic of the Philippines with principal place of business address at Canlapan Street, Malolos City, Bulacan; that on August 24, 2007, pursuant to Monetary Board Resolution No. 946 of the Bangko Sentral ng Pilipinas (BSP), SSBI was placed under the receivership of the petitioner, and was prohibited from doing business in the Philippines because the bank: “a) is unable to pay its liabilities as they become due in the ordinary course of business; b) has insufficient realizable assets to meet liabilities; c) cannot continue in business without involving probable losses to its depositors and creditors; and d) considering the failure of the Board of Directors / Management of SSBI to restore the bank’s financial health and viability despite considerable time given to address the bank’s financial problems, and that the bank had been accorded due process, x x x “; that consistent with and on the strength of said resolution, petitioner took over the assets and affairs of SSBI on August 24, 2007; that under Section 30 of Republic Act 7653, otherwise known as “The New Central Bank Act”, petitioner, as such Receiver, 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; that pursuant thereto, on August 27, 2009, petitioner reported to the Monetary Board that SSBI can no longer resume business with safety to its depositors, creditors and the general public; that on September 10, 2009, the Monetary Board issued Resolution No. 1291 directing the petitioner to proceed with the liquidation of SSBI; that this petition is being filed pursuant to said Section 30, which states that “ The receiver shall file ex-parte with proper regional trial court, and without requirement of prior notice or any action, a petition for assistance in the liquidation of the institution pursuant to a liquidation plan adopted by the Philippines Deposit Insurance Corporation for general application to all closed banks and upon acquiring jurisdiction, the court shall, upon motion of the receiver after due notice, adjudicate disputed claims against the institution, assist the enforcement of individual liabilities of stockholders, directors and officers and decide on the other issues as may be material to implement the liquidation plan adopted. The receiver shall pay the cost of the proceedings from the assets of the institution.”; that petitioner has submitted a copy of the Master Receivership / Liquidation Plan for Closed Banks (MRLP) which was duly adopted and approved by its Board of Directors in Resolution No. 2007-12-207 dated December 20, 2007 for general application in the liquidation of all closed banking institutions.

WHEREFORE, finding the petition to be sufficient in form and substance, the instant petition is given due course and is hereby set for hearing on March 16, 2010 at 8:30 in the morning.

The Deputy Sheriff of this Court is hereby directed to post copies of this Order in the Bulletin Board of this Court, at the Provincial Capitol of Bulacan, Malolos City, Bulacan, and in the premises of the SSBI Building for three (3) consecutive weeks prior to the date of hearing.

Likewise, let copies of this Order be published, at the expense of the petitioner, once in a newspaper of general circulation in the Philippines and all interested persons are hereby directed to file their respective claims with the court within ninety (90) days from the date of publication of this order.

SO ORDERED.

City of Malolos, Bulacan, 22nd day of October 2009.