Manila — The Court of Appeals has denied the plea of the Banco Filipino Savings and Mortgage Bank for the lifting of the writ of preliminary injunction that had stopped what could have been a P25-billion assistance package for the beleaguered bank.
The appellate court’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 the writ of preliminary injunction were to be lifted.
The writ of preliminary injunction had stopped the Makati Regional Court from ordering the Bangko Sentral ng Pilipinas to release up to P25 billion in financial assistance and other forms of regulatory relief to the now shuttered bank.
The writ of preliminary injunction is in effect while the Court of Appeals is hearing the case.
“As aptly pointed out by petitioners (BSP and Monetary Board), allowing the case a quo to proceed will prevent the former from, or hamper their functions in, exercising regulatory functions over private respondent, which in turn, would work great injustice and cause irreparable injury to the general public,” the CA said in a nine-page resolution penned by Abdulwahid.
The appellate court also said Banco Filipino erred in claiming that the BSP and its Monetary Board had no clear right to the issuance of the writ of preliminary injunction in their favor.
The justices noted that the bank filed its petition assailing Monetary Board Resolution No. 1668 with the Makati RTC on Oct. 20, 2010 or after the Supreme Court had ruled that petitions for writs of certiorari, prohibition or mandamus under Rule 65 of the Revised Rules of Court against the acts and omissions of quasi-judicial agencies should be filed with the appellate court for procedural uniformity.
Thus, Banco Filipino’s contention that its petition was likewise cognizable by the Makati RTC was “untenable,” the CA said.
In its resolution issued on Feb. 14, 2011, the CA granted the motion of the BSP to stop Makati RTC Branch 66 presiding Judge Joselito Villarosa from implementing the writ of preliminary mandatory and preventive injunction directing BSP and the Monetary Board to implement its Resolution No. 1668 issued on November 19, 2009. /INQUIRER