THE Court of Appeals (CA) has upheld the validity of the issuance and enforcement of the Writ of Possession pursuant to the Regional Trial Court’s (RTC) decision over the property owned by padlocked Banco Filipino.
In an 18-page decision penned by Associate Justice Francico Acosta and concurred by Associate Justices Noel Tijam and Eduardo Peralta, Jr., the CA’s Fourth Division dismissed the petition filed by Banco Filipino Co-Chairman Perfecto Yasay, Jr. as it affirmed the March 3, 2015 and December 18, 2014 decisions of the Makati City RTC.
Records of the case showed that Banco Filipino defaulted in the payment of the Special Liquidity Facility (SLF) it obtained from Bangko Sentral ng Pilipinas (BSP), thus it was placed under receivership.
In 2011, the bank was directed to be liquidated.
The BSP filed an application for extrajudicial foreclosure and sale of real estate mortgage. The BSP emerged as the winning bidder after the auction sale of the property was held in January 2013.
In December 2014, the RTC issued its decision granting BSP’s petition and a Writ of Possession was issued on March 3, 2015.
Yasay was given 15 days grace period to vacate the property.
He then filed several pleas until the case reached the appellate court.
In its November 3, 2015 that was released only recently, the appeals tribunal found that “the RTC did not commit grave abuse of discretion in issuing the Writ of Possession.”