A.M. NO. P-05-1973 - EQUITABLE PCI BANK, INC., REPRESENTED BY PAULINO L. YUSI, COMPLAINANT, VS. ANTONIO A. BELLONES AND GENEROSO B. REGALADO, BOTH SHERIFFS IV, BRANCHES 9 AND 16, RESPECTIVELY, REGIONAL TRIAL COURT, CEBU CITY.

Ruling

WHEREFORE, premises considered, judgment is hereby rendered: Ordering defendant Bank to reinstate and return the amount of plaintiffs (sic) bank deposit placed on hold status; Ordering defendant Bank to pay plaintiffs the sum of P12 Million Pesos as moral damages; Ordering defendant Bank to pay plaintiffs the sum of P10 Million Pesos as exemplary damages; Ordering defendants Aimee Yu and Benjie Apas to pay plaintiffs, jointly and severally, the sum of Two Million Pesos as moral and exemplary damages; Ordering defendants, jointly and severally to pay plaintiffs (sic) attorneys fees in the sum of P300,000; litigation expenses in the sum of P50,000 and the costs of suit; Directing plaintiffs Ng Sheung Ngor and Ken Marketing to pay defendant Bank the unpaid principal obligation for the peso loan as well as the unpaid obligation for the dollar denominated loan; Directing plaintiffs Ng Sheung Ngor and Ken Marketing to pay defendant Bank interest as follows: 12% per annum for the peso loans; 8% per annum for the dollar loans. The basis for the payment of the dollar obligation is the conversion rate of P26.50 per dollar availed of at the time of incurring of the obligation in accordance with Article 1250 of the Civil Code of the Philippines; Dismissing defendants (sic) counterclaim except the payment of the aforestated unpaid principal loan obligations and interest. [3] Consequently, the trial court issued a Writ of Execution [4] dated 24 March 2004 for the enforcement and satisfaction of its decision which was addressed to Sheriff Generoso B. Regalado and Sheriffs Antonio A. Bellones and Arthur Cabigon, as Assisting Sheriffs. The complaint alleged that on 25 March 2004, respondent Sheriffs Regalado and Bellones served on EPCIB, through its Legal Services Division, a Sheriffs Letter of Demand to Pay the Money Judgment on the strength of the aforementioned writ of execution. Because of its inability to immediately pay by way of Managers Check, given the deliberate swiftness with which the decision was executed, EPCIB offered for levy sufficient real estate properties to satisfy its judgment obligations. It thus chose to exercise the option granted to it in paragraph (b) of Section 39 of the Rules of Court to immediately choose which property or part thereof may be levied upon, sufficient to satisfy the judgment. It informed respondents of the exercise thereof through letters [5] dated 24 March 2004. Despite being made aware of the offer of real properties and its rightful exercise of the option, respondents still proceeded on the very same day to levy and garnish [6] EPCIBs accounts maintained at the Citibank, N.A., Paseo de Roxas Branch, Makati City, and at HSBC, Cebu City. This was done at a time when one of the prevailing parties in the case, Benjamin Go, was actively engaged with Legal Officers of EPCIB in supposedly arriving at acceptable solutions to their claims. Complainant immediately sent a letter [7] to respondents reiterating its offer