BANKING.docx

E a loan or forbearance of money the interest due

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i.e., a loan or forbearance of money, the interest due should be that which may have been stipulated in writing. Furthermore, the interest due shall itself earn legal interest from the time it is judicially demanded; In the absence of stipulation, the rate of interest shall be 12% per annum [changed to 6% per annum starting July 1, 2013] to be computed from default, i.e ., from extrajudicial demand under and subject to the provisions of Article 1169 of the Civil Code. x x x x 3. When the judgment of the court awarding a sum of money becomes final and executory, the rate of legal interest x x x shall be 6% per annum frorn such finality until its satisfaction, x x x We note that pursuant to the Bangko Sentral ng Pilipinas-Monetary Board Circular No. 799, the legal interest rate is 6% per annum effective July 1, 2013. The new rate is applicable prospectively; thus, the 12% per annum shall still apply until June 30, 2013.
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In the present case, Anna Marie filed her complaint on August 12, 2004. PNB is therefore liable for legal interest of 12% per annum from August 12, 2004 until June 30, 2013, and 6% per annum from July 1, 2013, until its full satisfaction. WHEREFORE , the petition is GRANTED . The assailed December 16, 2011 decision and June 26, 2012 resolution of the Court of Appeals is hereby reversed. The October 26, 2010 decision of the Regional Trial Court is REINSTATED with MODIFICATIONS . Thus, the Philippine National Bank is ORDERED to pay Anna Marie Gumabon the following: chanRoblesvirtualLawlibrary (1) Actual damages of: ChanRoblesVirtualawlibrary (a) $10,058.01, as the outstanding balance of FXCTD No. 993902; (b) $ 20,244.42, as the outstanding balance of FXCTD No. 993992; and cralawlawlibrary (c) P250/741.82, as the outstanding balance of SA No. 6121200; (2) Legal interest of twelve percent (12%) per annum of the total actual damages from August 12, 2004 to June 30, 2013, and six percent (6%) per annum from July 1, 2013 until full satisfaction; (3) P100,000.00 as moral damages; (4) P50,000.00 as exemplary damages; (5) P150,000.00 as attorney's fees; and (7) Costs of suit. Let a copy of this Decision be furnished the Financial Consumers Protection Department of the Bangko Sentral ng Pilipinas, for information and possible action in accordance with the Bangko Sentral ng Pilipinas' mandate to protect the banking public. SO ORDERED. chanRoblesvirtualLawlibrary G.R. No. 178467, April 26, 2017 SPS. CRISTINO & EDNA CARBONELL , Petitioners , v. METROPOLITAN BANK AND TRUST COMPANY , Respondent . D E C I S I O N BERSAMIN, J. : The petitioners assail the decision promulgated on December 7, 2006, 1 whereby the Court of Appeals (CA) affirmed with modification the decision rendered on May 22, 1998 2 by the Regional Trial Court, Branch 157, in Pasig City (RTC) dismissing the petitioners' complaint in Civil Case No. 65725 for its lack of merit, and awarded attorney's fees under the respondent's counterclaim. Antecedents The petitioners initiated against the respondent Civil Case No. 65725, an action for damages, alleging that they had experienced emotional shock, mental anguish, public ridicule, humiliation, insults and embarrassment during their trip to Thailand because of the respondent's release to them of five US$100 bills that later on turned out to be counterfeit.
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