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Batchelder vs. CBP

GEORGE W. BATCHELDER, doing business under the name and style of Batchelder Equipment, plaintiff-appellant, vs. THE CENTRAL BANK OF THE PHILIPPINES, defendant-appellant.

G.R. No. L-25071 | 1972-03-29

D E C I S I O N


FERNANDO, J:

In essence, the pivotal legal question presented by this appeal of defendant Central Bank of the Philippines, 1 is whether or not the issuance of a monetary policy by it, thereafter implemented by the appropriate resolutions, as to the rate of exchange at which dollars after being surrendered and sold to it could be re-acquired, creates a contractual obligation. It was the holding of the lower court that in law there was such a contract, the terms of which had to be respected by defendant Central Bank. Such a conclusion is challenged in this appeal. For reasons to be hereinafter set forth, we find that the...