G.R. No. 193178 - PHILIPPINE SAVINGS BANK, VS. SPOUSES ALFREDO M. CASTILLO AND ELIZABETH C. CASTILLO, AND SPOUSES ROMEO B. CAPATI AND AQUILINA M. LOBO.D E C I S I O N - Supreme Court E-Library

Ruling

WHEREFORE, judgment is hereby rendered in favor of the plaintiffs, and against the defendants in the following manner: Declaring the questioned increases of interest as unreasonable, excessive and arbitrary and ordering the defendant Philippine Savings Bank to refund to the plaintiffs, the amount of interest collected in excess of seventeen percent (17%) per annum; Declaring the Extrajudicial Foreclosure conducted by the defendants on June 16, 2000 and the subsequent proceedings taken thereafter to be void ab initio . In this connection, defendant Register of Deeds is hereby ordered to cause the cancellation of the corresponding annotations at the back of Transfer Certificates of Title No. 227858 and 233242 in the name of Spouses Alfredo and Elizabeth Castillo and Spouses Romeo Capati and Aquilina M. Lobo; Defendant Philippine Savings Bank is adjudged to pay plaintiffs the amount of Php50,000.00 as moral damages; Php50,000.00 as exemplary damages; and attorney's fees in the amount of Php30,000.00 and Php3,000.00 per appearance. Defendants' counterclaims are hereby DISMISSED for lack of merit. With costs against the defendant Philippine Savings Bank, Inc. SO ORDERED.