Court of Appeals denies Banco Filipino plea

The Court of Appeals has denied the plea of Banco Filipino to lift the writ of preliminary injunction that stopped the Makati Regional Trial Court from ordering the Bangko Sentral ng Pilipinas to release up to P25 billion in financial assistance and other regulatory relief to the beleaguered bank.

The CA’s Special 10th Division—composed of Hakim Abdulwahid, Noel Tijam and Ricardo Rosario—unanimously ruled that there was no basis for Banco Filipino’s assertion that the BSP and its policy-making body, the Monetary Board, would not suffer grave irreparable injury if a writ of preliminary injunction were issued.

“As aptly pointed out by petitioners (the BSP and Monetary Board), allowing the case to proceed will prevent the former from, or hamper their functions in, exercising regulatory functions over private respondent…,” the CA said in the resolution penned by Abdulwahid.