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Spouses Ignacio F. Juico and Alice P. Juico Vs. China Banking Corporation [Concurring Opinion C.J. Sereno]

G.R. No. 187678 - SPOUSES IGNACIO F. JUICO and ALICE P. JUICO, Petitioners vs. CHINA BANKING CORPORATION, Respondent. [Concurring Opinion C.J. Sereno]

G.R. No. 187678 | 2013-04-10

CONCURRING OPINION 

SERENO, CJ

I fully concur with the majority that the increases in interest rates unilaterally imposed by China Bank without petitioners' assent violates the principle of mutuality of contracts. This principle renders void a contract containing a provision that makes its fulfilment exclusively dependent upon the uncontrolled will of one of the contracting parties. 1 In this case, the provision reads: 

I/We hereby authorize the CHINA BANKING CORPORATION to increase or decrease as the case may be, the interest rate/service charge presently stipulated in this note without any...