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Petitioner,
- versus -
Respondent.
Present:
YNARES-SANTIAGO, J.,
Chairperson,
AUSTRIA-MARTINEZ,
CHICO-NAZARIO,
NACHURA, and
REYES, JJ.
Promulgated:
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DECISION
NACHURA, J.:
Co and Isip failed to pay the loan when it became due and
demandable. Demands for payment were made by ADMIRAL,
but these were not heeded. Consequently, ADMIRAL filed a
collection case against Co and Isip with the RTC of Quezon City,
docketed as Civil Case No. Q-48543.
SO ORDERED.[11]
We sustain the interest rate of 18% per annum for being fair
and reasonable. However, equity dictates that we reduce the
service charge, liquidated damages and attorney’s fees
awarded in favor of ADMIRAL.
SO ORDERED.
Associate Justice
WE CONCUR:
CONSUELO YNARES-SANTIAGO
Associate Justice
Chairperson
Associate Justice
MINITA V. CHICO-NAZARIO
Associate Justice
RUBEN T. REYES
Associate Justice
ATTESTATION
Associate Justice
CERTIFICATION
REYNATO S. PUNO
Chief Justice
[14] G. R. No. 90270, July 24, 1992, 211 SCRA 785, 795.
[16] G.R. No. 137549, February 11, 2005, 451 SCRA 45,
56.
[23] See Bulos, Jr. v. Yasuma, G.R. No. 164159, July 17,
2007, 527 SCRA 727, 739; Alonzo v. San Juan, supra note 16,
at 56.
[25] G.R. No. 90047, June 18, 1990, 186 SCRA 640,
645.
[27] Id.