G.R. No. 170625 - BANK OF THE PHILIPPINE ISLANDS, VS. COURT OF APPEALS AND TF KO DEVELOPMENT CORPORATION.D E C I S I O N - Supreme Court E-Library

Ruling

WHEREFORE , in view of the foregoing premises, judgment is hereby rendered, approving the petitioner's rehabilitation plan submitted by the petitioner. Accordingly, in consonance with the said rehabilitation plan, this Court hereby decrees as follows: 1) Petitioner Corporation shall pursue its housing development project as the main source of payment for its obligation with Creditors-banks; 2) As provided under Supplemental Mode of Payment, submitted by Rehabilitation Receiver Suson, the following schedule of payment for Creditors-BPI and Landbank shall be as follows: Schedule of payment for Creditors-banks indicating the principal, the interest and the total amount due for every payment which is semi-annual or 6 months for eight (8) periods with an interest rate of 12% per annum compounded annually. The principal and interest are discharged by a sequence of equal payments due at the ends of equal intervals of time. In such a case, the payments form as annuity which present value is the original principal of the date. Thus: A.) For Creditor-BPI: Date principal interest total 6.30.05 Php 3, 503, 957 2, 080, 818 5, 584, 775.00 12.31.05 3, 714, 194 1, 870, 581 5, 584, 775.00 6.30.06 3, 937, 046 1, 647, 729 5, 584, 775.00 12.31.06 4, 173, 268 1, 411, 506 5, 584, 775.00 6.30.07 4, 423, 664 1, 161, 110 5, 584, 775.00 12.31.07 4, 689, 084 895, 690 5, 584, 775.00 6.30.08 4, 970, 429 614, 345 5, 584, 775.00 12.31.08 5, 268, 656 316, 118 5, 584, 775.00 Total Php 34, 680, 298 9, 997, 897 44, 678, 196.00 B.) For Creditor-Landbank: Date principal interest total 6.30.05 Php 3, 233, 150 1, 920, 000 5, 153, 150.00 12.31.05 3, 427, 139 1, 726, 011 5, 153, 150.00 6.30.06 3, 632, 767 1, 520, 383 5, 153, 150.00 12.31.06 4, 850, 733 1, 302, 417 5, 153, 150.00 6.30.07 4, 081, 777 1, 071, 373 5, 153, 150.00 12.31.07 4, 326, 684 826, 466 5, 153, 150.00 6.30.08 4, 586, 285 566, 865 5, 153, 150.00 12.31.08 4, 861, 465 291, 685 5, 153, 150.00 Total Php 320, 000.0 9, 997, 897 41, 225, 200.00 3.) Creditor-Metrobank is hereby discharged from the Rehabilitation Plan of the Petitioner Corporation. The obligation of the Petitioner Corporation against Creditor-Metrobank shall be settled personally by the President of the Corporation, Mrs. Flora Ko. 4) There shall be no declaration and payment of dividends by the Petitioner Corporation until it has paid in full its loans with creditor banks. 5) The Rehabilitation program for the Petitioner Corporation shall commence this year, 2005. 6) Rehabilitation Receiver Suson is discharged from his duties and responsibilities as receiver for this Petition. 7) The Stay-Order is hereby terminated. SO ORDERED.