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BSP vs. Libo-On

BANGKO SENTRAL NG PILIPINAS, PETITIONER, VS. AGUSTIN LIBO-ON, RESPONDENT.

G.R. No. 173864 | 2015-11-23

 
D E C I S I O N
 
REYES, J.:
 
Before us is a Petition for Review on Certiorari under Rule 45 of the Rules of Court seeking the reversal of the Decision[1] dated March 21, 2006 and the Resolution[2] dated July 18, 2006 of the Court of Appeals-Cebu City in CA-G.R. CV No. 00098.

The facts of the case are as follows:

On August 29, 1997[3] and September 17, 1997,[4] respondent Agustin Libo-on, together with his wife, Mercedes Libo-on (Spouses Libo-on), secured loans from the Rural Bank of Hinigaran, Inc., in the amounts of P100,000.00 and P300,000.00, respectively. The Spouses Libo-on executed promissory...