Republic of the Philippines
REGIONAL TRIAL COURT
Third Judicial Region
Branch 13
Malolos Bulacan

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ORDER

Before this court is a verified petition for assistance in the liquidation of the Bangko Rural ng Kalumpit (Bulacan), Inc.

The petition alleges that petitioner, 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. (The PDIC Charter), is the designated Liquidator of the Bangko Rural ng Kalumpit (Bulacan), Inc. (“BRKI”); that prior to its closure, BRKI was a bank organized and existing in accordance with the laws of the Republic of the Philippines with principal place of business at Brgy. Corazon, MacArthur Highway, Calumpit, Bulacan; that on April 17, 2009, pursuant to Monetary Board Resolution No. 553 of the Bangko Sentral ng Pilipinas (BSP for brevity), BRKI was placed under the receivership of the petitioner, and was prohibited from doing business in the Philippines, because the bank: 1) is unable to pay its liabilities as they become due in the ordinary course of business; 2) has insufficient realizable assets to meet liabilities; 3) cannot continue in business without involving probable losses to its depositors and creditors, 4) considering the failure of the board of directors/management of the bank to restore the bank’s financial health and viability despite considerable time given to address the bank’s financial problems; and 5) that the Bank has been accorded due process (a photocopy of Monetary Board Resolution No. 553 dated April 17, 2009 is attached to the petition as Annex “A”); that consistent with, and on the strength of said Resolution, petition took over the assets and affairs of BRKI on April 20, 2009; that under Section 30 of Republic Act 7653, otherwise known as “The New Central Bank”, 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 October 5, 2009, petitioner reported to the Monetary Board that BRKI, at its present financial condition, cannot anymore resume business with safety to its depositors, creditors and the general public (photocopies of the transmittal letter and Receivership Report are attached to the petition as Annexes “B” and “C”), that on October 22, 2009, the Monetary Board issued Resolution No. 1512 directing petitioner to proceed with the liquidation of the BRKI (a photocopy of the said Resolution is attached to the petition as Annex “D”); that consistent therewith, petitioner is submitting a copy to the Master Receivership/Liquidation Plan for Closed Banks (MRLP), which was duly adopted and approved by its Directors in Resolution No. 2007-12-207 dated December 20, 2007 for general application in the liquidation of all closed banking institutions (a photocopy of the MRLP is attached to the petition as Annex “E”); that petitioner anticipates that in the course of the liquidation of BRKI, disputed claims, issues and other matters material or relevant to its liquidation may arise, and thus pursuant to the provision of Section 30, supra, petitioner seeks the assistance of the Honorable Court in the resolution thereof.

WHEREFORE, finding the petition to be sufficient in form and substance, the same is hereby given DUE COURSE.

Let this petition be set for initial hearing on April 28, 2010 at 1:30 in the afternoon.

The public and all persons whose interest maybe adversely affected by the petition are directed to file their opposition thereto with this Court on or before the data set above; otherwise they shall be barred from questioning/ opposing the same.

Petitioner is directed to cause the publication of this Order once in a newspaper of general circulation, and the posting hereof by the Deputy Sheriff of the Court at the bulletin board of this Court, at the Provincial Capitol Building of Malolos, Bulacan, and in the municipal building of Calumpit, Bulacan, for at least two (2) consecutive weeks prior to the date of initial hearing, all at the expense of the petitioner.

All persons who have a claim against the assets of the bank are directed to file their respective claims with the petitioner within ninety (90) days from the date of the publication hereof.

SO ORDERED

Malolos, Bulacan, February 19, 2010