G.R. No. 193068 - DEVELOPMENT BANK OF THE PHILIPPINES, V. STA. INES MELALE FOREST PRODUCTS CORPORATION, RODOLFO CUENCA, MANUEL TINIO, CUENCA INVESTMENT CORPORATION AND UNIVERSAL HOLDINGS CORPORATION.

Ruling

WHEREFORE, judgment is hereby rendered (1) ordering defendants National Development Corporation and National Galleon Shipping Corporation, jointly and severally, to pay plaintiffs Sta. Ines Melale Forest Products Corporation, Rodolfo M. Cuenca, Manuel I. Tinio, Cuenca Investment Corporation and Universal Holdings Corporation, the amounts of P15,150,000.00 and US$2.3 million, representing the amount of advances made by plaintiffs in behalf of defendant Galleon, plus legal interest at the rate of 6% per annum from the date of filing of this case on 22 April 1985 up to full payment; (2) ordering defendants National Development Corporation and National Galleon Shipping Corporation, jointly and severally, to pay plaintiffs Sta. Ines Melale Forest Products Corporation, Rodolfo M. Cuenca, Manuel I. Tinio, Cuenca Investment Corporation and Universal Holdings Corporation, the amount of P46,740,755.00, representing the price of the shares of stock of plaintiffs and defendant PNCC in defendant Galleon, plus legal interest at the rate of 6% per annum from the date of filing of this case on 22 April 1985 up to full payment; (3) ordering defendants National Development Corporation and National Galleon Shipping Corporation, jointly and severally, to pay plaintiffs Sta. Ines Melale Forest Products Corporation, Rodolfo M. Cuenca, Manuel I. Tinio, Cuenca Investment Corporation and Universal Holdings Corporation, attorney's fees equivalent to 10% of the amount due; and costs of suit; and (4) ordering defendants National Development Corporation, Development Bank of the Philippines and National Galleon Shipping Corporation, jointly and severally, to pay each plaintiff and defendant Philippine National Construction Corporation, P10,000.00 as moral damages; and P10,000.00 as exemplary damages. SO ORDERED.