It is reported that the Bangko Sentral ng Pilipinas (Central Bank of the Philippines) successfully secured with the Supreme Court last week a Temporary Restraining Order (TRO) on enforcement of lower court rulings that favored several banks under the Legacy Group.
According to the story:
The high tribunal’s decision effectively gives banking regulators the green light to act on adverse findings made during their last examination of the 10 financial institutions scattered around the country.
The financial institutions covered by the ruling are Rural Bank of Parañaque Inc., Rural Bank of San Jose (Batangas) Inc., Rural Bank of Carmen (Cebu) Inc., Pilipino Rural Bank Inc., Philippine Countryside Rural Bank Inc., Rural Bank of Calatagan (Batangas) Inc. (now Dynamic Rural Bank), Rural Bank of DARBCI Inc., Rural Bank of Kananga (Leyte) Inc. (now First Interstate Rural Bank), Rural Bank of Bisayas Minglanilla (now Bank of East Asia), and San Pablo City Development Bank Inc.