BF wins round in suit vs gov't
by Delon Porcalla

Government entities are not clothed with immunity from court suits, hence, the Supreme Court (SC) lifted the last legal barrier to the Banco Filipino (BF) Savings and Mortgage Bank's P18.8-billion damage claim against the Bangko Sentral ng Pilipinas (BSP).

In junking the government's motion for reconsideration of the High Tribunal's earlier decision upholding the validity of complainant-bank's charges, the SC said the petitioner cited no compelling reason to reverse its Feb. 17, 1999 ruling.

"The Court resolves to deny the same (goverment's appeal) with finality...no compelling reason having been adduced to warrant the reconsideration thereof," the SC second division stated in its one-page decision.

BF officials hailed the tribunal's verdict, saying it validated their claim that their bank was a victim of injustice "that deserves restitution resulting from its illegal closure during the repressive Marcos regime."

"The (SC) decision finally vindicates the Aguirre family and its over 3.8 million depositors who had put their trust in the Philippine justice system. The decision is a first major victory of a bank closed during the Marcos years and sends quite a strong signal to past and present monetary officials that the (long) arm of the law will eventually catch up with them, no matter how exceedingly slow," Banco Filipino said in a statement.

The Marcos government ordered the closure of Banco Filipino in January 1985 during the watch of Central Bank Gov. Jose "Jobo" Fernandez.