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SC orders Cebu gov to settle bank debt
The Philippine Star
|September 16, 2024
The Supreme Court (SC) has ordered Cebu Gov. Gwendolyn Garcia to settle her debt to a foreign bank as it denied her petition to block the order for her to pay.
In a 12-page decision promulgated in December last year, the SC Second Division directed a Makati trial court to execute its August 2012 resolution, ordering Garcia to pay Hongkong and Shanghai Banking Corp. (HSBC) $700,000 in damages and 12 percent in legal interest from July 2000 as well as P404,560.50 in legal costs.
The SC order stemmed from Garcia's move questiong the alias writ of execution issued in 2018.
Garcia said the order to collect the debt was issued without giving her a chance to oppose it.
She said the writ was improperly served because it should have been forwarded to her business firm GGC Enterprises.
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