Bilyonaryo - Business

Nagpautang na, pinagbayad pa! Find out why Metrobank owes this politiko couple P6.5M

May 24, 2023

Bilyonaryo.com

The Court of Appeals (CA) has ordered the Metropolitan Bank and Trust Co. (Metrobank) to pay a politiko couple nearly P6.5 million from the foreclosure sale of their property in Ayala, Alabang.

The court’s Special Fifth Division sided with former Nueva Ecija Rep. Rodolfo Antonino and his wife, Rosa and said that proceeds of the sale went beyond the P16 million that the couple borrowed from the bank.

The Antoninos took out three loans from the Ty-owned bank in 1996, followed by eight more loans until 1997 that were covered by promissory notes cumulatively worth P16 million. They were unable to pay for 12 loans, which led to Metrobank demanding payment worth P12.39 million.

A Pasig court earlier ruled that since Metrobank took the Antoninos’ property, which was later sold at a value of P25.7 million, the Antoninos should have received the windfall, as they only owed P16 million to the bank.

“The court a quo correctly ordered Metropolitan Bank to return the surplus of the foreclosure sale proceeds and pay attorney’s fees,” the CA division said.

The appeal left Metrobank worse off as the CA added another item to their bill, saying the Pasig court should have imposed legal interest on the money to be returned. This is charged against the P6.4 million balance and P100,000 in attorney’s fees.

The CA said Metrobank should pay an interest of 6% per annum for delays in payment after the decision is rendered final.

Related News Tags: Court of Appeals (CA), Metrobank, property

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