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Busuego Vs CA
Busuego Vs CA
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* THIRD DIVISION.
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PURISIMA, J.:
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SUPREME COURT REPORTS ANNOTATED VOLUME 304 06/11/2019, 5*02 PM
Monetary Board
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of Justice and the City Prosecutor of Pasay‰ stating that
several complaints were lodged against the petitioners
before the Office of the City Prosecutor of Pasay City
pursuant to Mone-
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II
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III
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12 Rollo, p. 124.
13 Salonga v. Court of Appeals, 269 SCRA 534.
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be heard. Petitioners having availed of their opportunity
to present their position to the Monetary Board by15 their
lettersexplanation, they were not denied
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due process.
Petitioners cite Ang Tibay v. CIR and assert that the
following requisites of procedural due process were not
observed by the Monetary Board:
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hearing was conducted.) Secondly, the Monetary Board
considered the evidence presented. Thirdly, fourthly, and
fifthly, Monetary Board Resolution No. 805 was adopted on
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Even Section 28, (c) and (d), of Republic Act No. 3779 („RA
3779‰) delineating the powers of the Monetary Board over
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„x x x
(c) To conduct at least once every year, and whenever necessary,
any inspection, examination or investigation of the books and
records, business affairs, administration, and financial condition of
any savings and loan association with or without prior notice but
always with fairness and reasonable opportunity for the association
or any of its officials to give their side of the case. x x x
(d) After proper notice and hearing, to suspend a savings and
loan association for violation of law, for unsafe and unsound
practices or for reason of insolvency. x x x
xxx
(f) To decide, after appropriate notice and hearings any
controversy as to the rights or obligations of the savings and loan
association, its directors, officers, stockholders and members under
its charter, and, by order, to enforce the same;
x x x‰ (italics supplied)
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it under this Act to achieve the following objectives: (a) To maintain monetary
stability in the Philippines;
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(c) To promote a rising level of production, employment and real income in the
Philippines.‰ Section 5, Republic Act 265:
„Composition of the Monetary Board.·The powers and functions of the
Central Bank shall be exercised by a Monetary Board, which shall be composed
of seven members, as follows: x x x.‰
„Creation of the Department.·In order to assure the observance of this Act and
of other pertinent laws, and of the rules and regulations of the Monetary
Board, the Central Bank shall have a Department of Supervision and
Examination which shall be charged with the supervision and periodic
examination of all banking institutions operating in the Philip-pines, including
all government credit institutions. The Department of Supervision and
Examination shall discharge its responsibilities in accordance with the
instructions of the Monetary Board. The Chief of the department shall be
known as the Superintendent of Banks.
The Superintendent of Banks and the examiners of the Department of
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likewise, upon the proof that a savings and loan association or its
board or directors or officers are conducting and managing its
affairs in a manner contrary to laws, orders, instructions, rules and
regulations promulgated by the Monetary Board or in a manner
substantially prejudicial to the interest of the government,
depositors or creditors, take over the management of the savings
and loan association after due hearing, until a new board of
directors and officers are elected and qualified without prejudice to
the prosecution of the persons responsible for such violations. The
management by the Monetary Board shall be without expense to
the savings and loan association,
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