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

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AMENDED ORDER

Before this court is a verified petition for assistance in the liquidation of Apex Rural Bank (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 Apex Rural Bank (Bulacan), Inc. (“Apex RB”, for brevity); that prior to its closure, Apex RB was a bank organized and existing in accordance with the laws of the Republic of the Philippines with principal place of business at Wawa, Balagtas, Bulacan; that on January 14, 2010, pursuant to Monetary Board Resolution No. 28 of the Bangko Sentral ng Pilipinas (BSP for brevity), Apex RB was placed under the receivership of the petitioner, and was prohibited from doing business in the Philippines, after determining that the Bank: a) cannot continue in business without involving probable losses to its depositors and creditors; b) is unable to pay its liabilities as they became due in the ordinary course of business; and, considering that the majority stockholders of the bank in a resolution dated 30 December 2009 approved to voluntarily submit Apex RB to the Bangko Sentral ng Pilipinas for receivership in accordance with Section 30 of Republic Act (R.A.) No. 7653 (The New Central Bank Act); (a photocopy of Monetary Board Resolution No. 28 dated January 14, 2010 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 Apex RB on January 15, 2010; that under Section 30 of Republic Act 7653, otherwise known as “The New Central Bank Act”, petitioner, as such Receiver, is mandated among others, 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 July 5, 2010, petitioner reported to the Monetary Board that Apex RB, can no longer 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 July 22, 2010, on the basis of the aforementioned Receivership Report, the Monetary Board issued Resolution No. 1000 designating petitioner as the liquidator of Apex RB and directing it to proceed with the liquidation of the Bank (a photocopy of the said Resolution is attached to the petition as Annex “D”); that this petition is being filed pursuant to said Section 30, supra; that consistent therewith, petitioner hereby submits a copy of the Master Receivership/Liquidation Plan (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 (a photocopy of the MRLP is attached to the petition as Annex “E”); that petitioner anticipates that in the course of the liquidation of Apex RB, 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 March 2, 2011 at 8:30 in the morning.

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 date set above; otherwise they shall be barred from questioning/opposing the same.

Petitioner is directed to cause the publication of this Amended Order once in a newspaper of general circulation, and the posting hereof by the Process Server of the Court at the bulletin board of this Court, at the Provincial Capitol Building of Malolos, Bulacan, and in the Municipal building of Balagtas, 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 publication hereof.

SO ORDERED

Malolos, Bulacan, November 24, 2010