CA decision favors ex-PSE employee Peñaflor over labor case vs PSE, NLRC


PSE to file motion for reconsideration

The Court of Appeals (CA) has ordered that a former employee of the Philippine Stock Exchange (PSE) be given his separation pay after years of a legal fight with the PSE and National Labor Relations Commission (NLRC).

The PSE disclosed on Tuesday, that it received a September 30 decision from the Tenth Division of the CA, ordering it to make a partial grant of the petition filed by ex-PSE employee Jose Cecilio “Jay” Peñaflor in connection with the NLRC and the Labor Arbiter’s decisions in 2015.

It was recalled that in 2014, Peñaflor, a former assistant head of the PSE’s Market Education Department, filed with the NLRC a complaint for illegal dismissal and recovery of salaries and other monetary benefits against PSE and its President Hans B. Sicat. The ex-PSE employee lost the case in May 2015.

On July 2015, Peñaflor filed a petition for certiorari with the appelate court seeking to overturn the NLRC decision.

Citing the September 30 decision of the CA, the PSE said: “Based on the dispositive portion of the decision, the Court of Appeals partially granted the petition filed by Mr. Peñaflor. Accordingly, the decision of the NLRC dated April 28, 2015 and the resolution dated May 29, 2015 were reversed and set aside.”

“The decision dated December 22, 2014 of the Labor Arbiter was reinstated with modification such that Mr. Peñaflor is entitled to P240,000 as separation pay. The CA nonetheless denied his claims for moral and exemplary damages, pro-rated 13th month pay and service incentive leave pay,” the PSE added.

Despite ruling in favor of Peñaflor, the PSE — through its counsel — will file a motion for reconsideration of the CA decision.

Peñaflor was fired from the PSE on the grounds of his swindling case, in which he allegedly initiated a Ponzi-type stock scam that milked investors of more than P300 million in investments.


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