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30. Banco Filipino vs.

CA, 332 SCRA 241

FACTS

- Arcilla secured loans from Banco Filipino in the sum of P107,946.


- She secured a promissory note in favor of Banco Filipino.
- To secure payment for the loans, Arcilla executed real estate mortgages in favor of Banco Filipino over their
parcels of land.
- Under the mortgage deeds, Banco Filipino may increase the rate of interest on said loans within the limits
allowed by law, as Banco Filipino’s BOD may prescribe for its borrowers.
- Under the said deeds, the loan was increased to P188,000.
- Arcilla executed a PN where she obligated herself to pay Banco Filipino the P188,000, + 12% interest per
annum for 19 years, in installments of P2,096.93 per month.
- Central Bank issued Central Bank Circular No. 494: The maximum rate of interest shall be 19% per annum.
- In the meantime, Skyline Builders Inc. secured loans from BPI in the sum of P450,000.
- To insure payment of the loan, FGU Insurance Corporation issued a bond for P225,000 in favor of BPI.
- Skyline Builders and Arcilla executed an Agreement of Counter-Guaranty with Mortgage in favor of FGU
Insurance covering the parcels of land to secure payment of any amount FGU Insurance may pay on account
of the loans.
- The balance of their loan amount plus interest of 17% per annum amounted to P284,490.75.
o Banco Filipino unilaterally increased the rate of interest on the loan from 12% to 17% per annum
based on the CB Circular.
- Arcilla failed to pay the monthly amortizations to Banco Filipino.
- Banco Filipino filed a petition for the extrajudicial foreclosure of the real estate mortgage in their favor.
- Banco Filipino purchased the property at the public auction for P324,798.
- FGU Insurance redeemed the property from Banco Filipino by paying said amount inc. of interest at 17% per
annum.
- Arcilla filed a complaint for the Annulment of the Loan Contracts, Foreclosure Sale with Prohibition and
Injunction.
o She averred that the loan contract and mortgage with Banco Filipino was null and void because (1)
the interest was deducted in advance from the face value of the PN; (2) the rate of interest charged
was usurious.
- The SC declared the CB Circular as not the law envisaged in the mortgage deeds of borrowers of the bank.
o The escalation clause in the deeds giving authority to the bank to increase the rate of interest without
the corresponding de-escalation clause should not be given effect because it was one-sided.
o The CB Circular did not apply to loans secured by real estate mortgages.
o Banco Filipino cannot rely on the Circular as authority to unilaterally increase the interest rate on
loans secured by real estate mortgages.
- Arcilla and FGU Insurance entered into a forged Compromise Agreement where Arcilla bound herself to pay
FGU Insurance P1,964,117 in three equal installments.
- RTC ruled in favor of Arcilla and ordered Banco Filipino to pay spouses Arcilla P126,139 plus interest of 12%
per annum from the date of filing of the complaint.
- On appeal, the CA affirmed the decision of the RTC and dismissed the appeal.

ISSUE: Whether Arcilla was entitled to a refund of the alleged interest overpayments.

RULING

- Private respondents are entitled to a refund.


- At the time the contracts were entered into, the escalation clause was valid.
- It was only pursuant to PD 1684 (which became effective March 17, 1980) where the condition for the validity
of an escalation was imposed.
o There can be an increase in interest by law or by the Monetary Board.
o In order for such escalation clause to be valid, it must provide for the reduction of the stipulated
interest in the event that the maximum rate of interest is reduced by law or by the Monetary Board.
- The CB Circular, although it had force and effect of law, is not a law and is not the law contemplated by the
parties which authorizes Banco Filipino to unilaterally increase the interest rate of the loan.
- Banco Filipino’s reliance on the CB Circular to unilaterally increase the interest rate of the loan was without
any legal basis.

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