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Bacolod City, Philippines Saturday, November 11, 2017
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High Court orders PNB
to recompute sugar loans

The Supreme Court has ordered the Philippine National Bank to recompute the sugar proceeds of the late Romeo Guanzon for two crop years (1973-74 and 1974-75) which were sold through the bank as financier of sugar sold for export.

Guanzon claimed that he received less than he should be paid properly for his sugar production for two years. The PNB refused, so Guanzon went to Court.

Guanzon's main claim was that he received substantially less than what he should, considering that the PHILEX and/or NASUTRA sold the sugar for a lot more than their buying price of P180.00/picul, a picul's price in the New York Market even reached P640 at that period.

Guanzon won his case before the RTC that ordered an accounting of all proceeds of his export sugar for the crops years 1973-74 and 1974-75.

PNB appealed the case to the Court of Appeals that affirmed the RTC decision.

PNB brought the case to Supreme Court that handed a decision confirming the obligation of PNB to account for the proceeds of Guanzon's sugar, citing a certain provision of R.A. 1702.

Bacolod lawyer RinaldoRemitio represented Guanzon as legal counsel.*

 

 

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