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Philippine National Bank Vs. Spouses Agustin and Pilar Rocamora

PHILIPPINE NATIONAL BANK, Petitioner, versus SPOUSES AGUSTIN and PILAR ROCAMORA, Respondents.

G.R. No. 164549 | 2009-09-18

D E C I S I O N


BRION, J.:

We resolve in this petition for review on certiorari[1] the legal propriety of the deficiency judgment that the petitioner Philippine National Bank (PNB) seeks against the respondents - the spouses Agustin and Pilar Rocamora (spouses Rocamora).

THE FACTUAL ANTECEDENTS

On September 25, 1981, the spouses Rocamora obtained a loan from PNB in the aggregate amount of P100,000.00 under the Cottage Industry Guarantee and Loan Fund (CIGLF). The loan was payable in five years, under the following terms: P35,000 payable semi-annually and P65,000 payable annually. In addition to the principal amount, the spouses...