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Union Bank Of The Phil. Vs. CA, et al.

UNION BANK OF THE PHILIPPINES, petitioner, vs. THE HONORABLE COURT OF APPEALS, COMMISSIONER FE ELOISA C. GLORIA, ATTY. MANOLITO SOLLER, IN THEIR CAPACITY AS CHAIRPERSON AND MEMBER, RESPECTIVELY, OF THE HEARING PANEL OF THE SECURITIES AND EXCHANGE COMMISSION, EULOGIO O. YUTINGCO, CAROLINE YUTINGCO-YAO, THERESA I. LAO, NIKON INDUSTRIAL CORPORATION, NIKOLITE INDUSTRIAL CORPORATION, THAMES PHILIPPINES, INC., 2000 INDUSTRIES CORPORATION, TRADE HOPE INDUSTRIAL CORPORATION, FIRST UNI-BRANDS FOOD CORPORATION, INTEGRAL STEEL CORPORATION, CLARION PRINTING HOUSE, INC., NIKON PLAZA, INC., NIKON LAND CORPORATION, EYCO PROPERTIES, INC., INTERIM RECEIVERS AMELIA B. CABAL, as representative of SGV, INOCENCIO B. DEZA, JR., as representative of PNB, and FLORENCIO B. ORENDAIN of EYCO, respondents.

G.R. No. 131729 | 1998-05-19

D E C I S I O N

ROMERO, J:

It has been about a year since the Thai baht plummeted to a record low and sparked the downspin of most of Asia's other currencies including our very own peso. The Philippines has not suffered as much from the full impact of the region's worst financial turmoil when most neighboring economies are still sluggishly inching their way towards recovery. Tested economic initiatives often hailed for helping save the country from losing its hard-earned gains cannot hide the fact that some businesses are still going downhill in light of serious liquidity problems resulting from said crisis. Private respondents' present...