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Development Bank of the Philippines vs Felipe P. Arcilla, Jr

DEVELOPMENT BANK OF THE PHILIPPINES, Petitioner, versus FELIPE P. ARCILLA, JR., Respondent.

G.R. No. 161397 | 2005-06-30

D E C I S I O N 


CALLEJO, SR., J.: 

Atty. Felipe P. Arcilla, Jr. was employed by the Development Bank of the Philippines (DBP) in October 1981. About five or six months thereafter, he was assigned to the legal department, and thereafter, decided to avail of a loan under the Individual Housing Project (IHP) of the bank.[1] On September 12, 1983, DBP and Arcilla executed a Deed of Conditional Sale[2] over a parcel of land, as well as the house to be constructed thereon, for the price of P160,000.00. Arcilla borrowed the said amount from DBP for the purchase of the lot and the construction of a residential building thereon. He...