Republic of the Philippines
REGIONAL TRIAL COURT OF BOHOL
7th Judicial Region
Branch 49
City of Tagbilaran

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ORDER

Before this court is a verified petition for assistance in the liquidation of RURAL BANK OF MARIBOJOC (BOHOL), INC.

The petition alleges that petitioner, a government – owned and controlled corporation, with principal office address at the 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 RURAL BANK OF MARIBOJOC (BOHOL), INC. (“RBMI”); that prior to its closure, RBMI was a bank organized and existing in accordance with the laws of the Republic of the Philippines with the principal place of business address at Poblacion, Maribojoc, Bohol; that on April 8, 2009, pursuant to Monetary Board Resolution No. 525 of the Bangko Sentral ng Pilipinas (BSP for brevity), RBMI was placed under the receivership of the petitioner, and was prohibited from doing business in the Philippines, because that 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 considering that the bank has declared a bank holiday and that the Board of Directors/Management of RB Maribojoc failed to restore the banks financial health and viability despite considerable time given to address the bank’s financial problems; and that the Bank had been accorded due process xxxx “( a photocopy of Monetary Board Resolution No. 525 dated April 8, 2009 is attached to the petition as Annex “A”); that consistent with, and on the strength of said Resolution, petitioner took over the assets and affairs of RBMI on April 14, 2009; that under Section 30 of Republic Act 7653, otherwise known as “ the New Central Bank Act”, petitioner, as such Receiver of RBMI, 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 September 29, 2009, petitioner reported to the Monetary Board of the Bangko Sentral ng Pilipinas that RBMI, at its present financial condition, cannot anymore resume business with safety to its depositors, creditors and the general public ( photocopy of the transmittal letter/report is hereto attached as ANNEX “B” ; that October 8, 2009, on the basis of the aforementioned Report, the Monetary Board of the Bangko Sentral ng Pilipinas issued Resolution No. 1459 directing petitioner to proceed with the liquidation of RBMI in accordance with Section 30 of the New Central Bank Act ( a photocopy of the said Resolution is attached to the petition as Annex “C”); that consistent therewith, petitioner is submitting a copy of the Master Receivership/Liquidation Plan (MRLP), which was duly adopted and approved by its Board of Directors in Resolution No. 2007 -122 - 07 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 “D”); that petitioner anticipates that in the course of the liquidation of RBMI, disputed claims, issues and other matters material or relevant to its liquidation of RBMI may arise, 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 September 24, 2010 at 10:00 o’ clock in the morning.

The public and all the persons whose interest maybe adversely affected by the petition are directed to file their opposition thereto with this Court on or before the date 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 the Province of Bohol and in the Municipal Building of Maribojoc, Bohol, for at least two (2) consecutive weeks prior to the date of initial hearing all at the expense of the petitioner.

Furthermore, all persons who have any 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.

Tagbilaran City, July 9, 2010.

Phil Star- September 8, 2010