Group Nine

Collection for a Sum of Money

ECUMENICAL PRAYER FOR THE COURTS

by the Branch Clerk of Court1

A lmighty God, we stand in Your Holy Presence as

our Supreme Judge. We humbly beseech You to
bless and inspire us so that what we think, say and do
will be in accordance with Your will.

Enlighten our minds, strengthen our spirit and fill our

hearts with fraternal love, wisdom and understanding,
so that we can become effective channels of truth,
justice and peace.

In our proceedings today, guide us in the path of

righteousness for the fulfillment of Your greater glory.
Amen.

PRE-TRIAL
Clerk of Court: All rise. The Hon. Judge Mila C. Lauigan presiding.
Silence is hereby enjoined.

Judge Lauigan: Okay, proceed. Call the case.

Interpreter: Civil Case No. 22-12345. Heirs of Vic Abel

(represented by Lucky James Abel as Attorney-in-Fact 2
thru Counsel) vs Percy Almeda3.

For Collection of a Sum of Money, your Honor.

Judge Lauigan: Appearances.

Counsels for the Plaintiff:

Good afternoon, your Honor. I am Atty. Merlyn

Casibang, Jr.4 respectfully appearing for the Plaintiff,
your Honor.

Your Honor, respectfully appearing as collaborating

counsel for the Plaintiff. I am Atty. Kristina Edith Ashley
De Castro5, your Honor.

Counsels for the Defendant:

For the Defendant, your Honor, I’m Atty. Kenrick

Lanchinebre6 respectfully appearing for the Defendant.

1
Cast No. 1: Branch Clerk of Court only for the Pre-Trial (Kriska Aleli Duruin)
2
Cast No. 2: Attorney-in-Fact as Representative of the Heirs of Vic Koto (Lucky James Abel)
3
Cast No. 3: Defendant Precy Almeda (Kriska Aleli Duruin)
4
Cast No. 4: Lead Counsel for the Plaintiff (Merlyn Casibang, Jr.)
5
Cast No. 5. Collaborating Counsel for the Plaintiff (Kristina Edith Ashley de Castro)
6
Cast No. 6: Lead Counsel for the Defendant (Kenrick Lanchinebre)
 Good afternoon, Judge. Likewise appearing as
collaborating counsel, Atty. Kirstiel T. Mangantulao,7
your Honor.

Defendant’s Counsels: We are all ready, your Honor.

Atty. Casibang: On the part of the Plaintiff, we are ready, your Honor.

Judge Lauigan: Are all your Pre-Trial Briefs submitted already?

P/D Counsels: Yes, your Honor.

Judge Lauigan: Very well, then. Let’s proceed with the Pre-Trial.

Atty. Casibang: Your Honor, Plaintiff’s cause of action is contained in

the Complaint which we filed before the Honorable
Court. But for purposes of the Pre-Trial, may I be
permitted to state our proposals, your Honor?

Judge Lauigan: Yes, proceed.

Atty. Casibang: Thank you, your Honor.

With the kind indulgence of this Honorable Court, we

would like to propose:

1. That on September 21, 2019, the Defendant

borrowed Five Million Pesos (P5,000,000.00) from
the Plaintiff’s father;

Atty. Lanchinebre: Admitted, your Honor.

Atty. Casibang: 2. That the Defendant signed a Promissory Note (PN)

stating the full amount thereon, payable after 1 year
from the date of issuance;

Atty. Lanchinebre: Admitted, your Honor.

Atty. Casibang: 3. That on December 21, 2019, the Defendant again

borrowed another Six Million Pesos (P6,000,000.00);

Atty. Mangantulao: Denied, your Honor.

Atty. De Castro: May I continue, your Honor.

4. That on that date, an agreement for the purpose was

made by the parties, when the second tranche of Six
Million Pesos (P6,000,000.00) was given to the
Defendant, who guaranteed payment of 10% for the
loan;

Atty. Mangantulao: Again, denied, your Honor.

7
Cast No. 7: Collaborating Counsel for the Defendant (Kirstiel T. Mangantulao)
Atty. De Castro: 5. That should the Defendant’s business venture fail to
take off, she promised to return the full amount of Six
Million Pesos (P6,000,000.00) within one month from
demand;

Atty. Lanchinebre: We admit that, your Honor.

Atty. De Castro: 6. That after one full year, Plaintiff never received
payment plus 10% interest;

Atty. Lanchinebre: Denied, your Honor.

Atty. De Castro: 7. That until the death of Plaintiff’s father on September

21, 2022, or exactly two years after the initial loan of
Five Million Pesos (P5,000,000.00) was obtained, the
Defendant did not make good with her promise to pay;

Atty. Mangantulao: Admitted, your Honor.

Atty. De Castro: 8. That Plaintiff sought for the services of Casibang &
De Castro Law Offices to collect Eleven Million Pesos
(P11,000.000.00), plus legal interests;

Atty. Mangantulao: Denied, your Honor, since the total amount is grossly
overstated.

Atty. Casibang: If I may continue, your Honor.

9. That on September 28, 2022, the Casibang & De

Castro Law Offices served the Defendant with the First
Demand Letter, stipulating therein the period of 30 days
within which to repay Six Million Pesos (P6,000,000.00)
and the payment of the original loan amounting to Five
Million Pesos (P5,000,000.00), plus interests;

Atty. Lanchinebre: Partially admitted, your Honor. While we admit receipt of

the demand letter, we strongly deny the total amount
therein demanded, your Honor.

Atty. Casibang: 10. That after thirty days had elapsed, the Defendant
failed to settle her debts, necessitating the issuance by
Plaintiff of the Final Demand Letter, dated October 29,
2022, giving the Defendant another grace period of 30
days to settle;

Atty. Mangantulao: We admit receipt of such letter, your Honor; but, again,
we deny the full amount stated thereon;

Atty. De Castro: 11. That despite receipt of the two demand letters, the
Defendant ignored and refused to pay;

Atty. Lanchinebre: Strongly denied, your Honor. The truth is, the Plaintiff
sought for amicable settlement on November 28, 2022
but the Plaintiff refused to make a compromise.
Atty. De Castro: 12. That the period duly extended to settle the debts
has lapsed and the full amount thereon is effectively
rendered due and demandable, thus Plaintiff has no
other recourse but to file this Complaint;

Atty. Mangantulao: We deny, your Honor.

Atty. De Castro: That’s all for the plaintiff, your Honor. Thank you!

Atty. Lanchinebre: May we proceed, your Honor?

Judge Lauigan: Proceed.

Atty. Lanchinebre: Your Honor, for the Defendant, we stipulate the

following facts:

13. That Dr. Vic Abel was a close business associate of

the Defendant, Precy Almeda, thus she was able to
obtain a loan of Five Million pesos (P5,000,000.00),
which the Defendant promised to pay once she recoups
her investment;

Atty. Casibang: We admit, your Honor.

Atty. Lanchinebre: 14. That while admitting to the fact that the Defendant
sought for additional Six Million Pesos (P6,000,000.00),
the guaranteed return of 10% or One Million Pesos
(P600,000.00) per month, whichever is higher, was
actually based on the parties’ agreement that the same
would be granted as capital for the Defendant’s
investment and shall be effective “for as long as the
business is existing”;

Atty. Casibang: Denied, your Honor. No such term was agreed by the
parties.

Atty. Mangantulao: 15. That contrary to the denials of the Plaintiff, the on-
set of COVID-19 pandemic made it difficult for
businesses to operate, thus preventing any business to
take off;

Atty. Casibang: We deny, your Honor, because even if there is a

pandemic, not all businesses have shut down; in fact,
many investors still manage to make profit from their
investments.

Atty. Lanchinebre: That would be all, your Honor. Thank you!

Atty. Casibang: We are done with our proposals, your Honor. May we
proceed with the marking of exhibits, your Honor?

Judge Lauigan: Proceed.

Atty. Casibang: Your Honor, we have caused the enumeration of all our
documentary exhibits in our Pre-Trial Brief. May we
therefore move for the adoption of our documentary
exhibits to be marked as follows:

1. Exhibit ‘A’: The Special Power of Attorney (SPA)

authorizing Lucky James F. Abel to represent the
legal heirs of Dr. Vic Abel in all proceedings relative
to the case;

2. Exhibit ‘B’: The Judicial Affidavit duly executed by

Lucky James Abel pertaining to the Promissory Note
in the amount of Five Million Pesos (P5,000,000.00)
issued by the Defendant to the Plaintiff’s father Vic
Abel, dated September 21, 2019 and the loan
agreement involving the amount of Six Million Pesos
(P6,000,000.00) by the same parties on December
21, 2019;

3. Exhibit ‘C’: The Promissory Note in the amount of

Five Million Pesos (P5,000,000.00), duly signed and
issued by the Defendant to cover the first loan, dated
September 21, 2019;

4. Exhibit ‘D’: The First Demand Letter on September

28, 2022 to prove that the Defendant was issued
prior notification;

5. Exhibit ‘E’: The Final Demand Letter issued by the

Plaintiff on October 29, 2022 to prove that failing to
satisfy her loans, as indicated in the first demand
letter, Defendant was given another chance to settle;
and, finally,

6. Exhibit ‘F’: The Certificate to File Action (CFA) duly

issued by Barangay Leonarda, Tuguegarao City,
dated November 20, 2022.
Judge Lauigan: Any comment?
Atty. Mangantulao: Your Honor, the Defendant is inclined to adopt all the
marked documentary exhibits, except for the Plaintiff’s
Exhibit ‘F’, your Honor.

Atty. Lanchinebre: In relation to that, your Honor, we would like to manifest

that Exhibit ‘F’, or the Certificate to File Action issued
by the Barangay is not a jurisdictional pre-requisite for
money claims exceeding Two Million Pesos
(P2,000,000.00) before the RTC under A.M. No. 08-8-7-
SC and Republic Act No. 11576, your Honor.

Judge Lauigan; Noted. The Clerk of Court is instructed exclude Exhibit

‘F’ from the list of documentary exhibits.

Defendant’s Counsels: Thank you, your Honor!

Atty. Mangantulao: In addition, your Honor, we would like to include the
Defendant’s Judicial Affidavit herein proposed to be
marked as our Exhibit ‘1’.

Atty. Casibang: Your Honor, may the Plaintiff proceed with the
witnesses?

Judge Lauigan: Proceed.

Atty. De Castro: Thank you, your Honor.

We only have one witness, your Honor. We will present

the Plaintiff himself, Mr. Lucky James Abel, to testify on
the genuineness and due execution of his Judicial
Affidavit and the Promissory Note issued by the
Defendant as well as the existence of the investment
agreement made by the parties, your Honor.

Atty. Mangantulao: On the part of the Defendant, your Honor, we intend to

put on the stand Mrs. Precy Almeda, the Defendant in
this case, to testify about the loan and the reasons of
her failure to satisfy her liabilities under the second
tranche of money invested in her business ventures.

Atty. De Castro: Your Honor, we are done with the marking of exhibits
and identification of witnesses. May we now proceed
with the factual issues of the case, your Honor?

Judge Lauigan: You may proceed, Counsel.

Atty. De Castro: Your Honor, we most respectfully propose the following

factual issue:

1. Whether or not the Defendant is liable to pay the full

amount of Eleven Million Pesos (P11,000,000.00),
plus legal interest;

Atty. Mangantulao: We admit the same factual issue, your Honor.

Atty. Lanchinebre: Secondly, your Honor, we propose the following legal

issue:

2. Whether or not the Defendant is entitled to any

exemption from liability to the Plaintiff on the basis of
fortuitous event, as expressly provided by Art. 1174
of the Civil Code of the Philippines;

Atty. De Castro: The Plaintiff takes no exception as to the legal issue,

your Honor.

Atty. Lanchinebre: Last but not least, your Honor, may we propose another
legal issue for the determination by this Honorable
Court.
 3. Whether or not the Defendant merits the
presumption of good faith in the incurrence of delay
as to repayment, despite demands, in view of the
pending barangay conciliation proceedings.

Atty. Casibang: We are done with the factual and legal issues, your
Honor.

TRIAL PROPER
Presentation of Plaintiff’s Evidence
Judge Lauigan: All right, let’s now proceed with trial. Call the next case.

Clerk of Court: Number 9 in the Calendar, your Honor, is Civil Case No.
22-12345. Heirs of Vic Abel vs Percy Almeda.

For Collection of a Sum of Money, your Honor.

Judge Lauigan: Counsel, call your first witness.

Atty. Casibang: Thank you, your Honor.

May we call on Lucky James Abel, your Honor.

Judge Lauigan: Okay, swear in the witness.

Clerk of Court: Mr. Witness, please raise your right hand. Do you swear
to tell the truth, the whole truth and nothing but the
truth?

Lucky James Abel: Yes, I do.

Clerk of Court: The witness is now ready, your Honor.

Judge Lauigan: Okay, Counsel, proceed with the offer.

Atty. Casibang: Your Honor, we would like to offer the testimony of the
witness to prove that:

First, the Defendant in this case, Mrs. Precy Almeda,

borrowed money from the Plaintiffs’ father thru the
issuamce of a Promissory Note amounting to Five
Million Pesos;

Second, that the same Defendant obtained another

loan for purposes of investment amounting to Six Million
Pesos;

Third, that the Defendant was served two Demand

Letters to settle the loans; and,

Fourth, that the Defendant refused to pay her loans in

the total amount of Eleven Million Pesos
(P11,000,000.00), plus interest.
 Further, your Honor, we would like to pray that the offer
of testimony made by the witness in his Judicial Affidavit
shall be adopted to form part of the records of this case,
your Honor.

Judge Lauigan: Any comment?

Atty. Lanchinebre: None, your Honor. But we reserve our right to cross
examine the witness, your Honor.

Atty. Casibang: May I proceed, your Honor?

Judge Lauigan: Proceed.

Atty. Casibang: Good afternoon, Mr. Witness.

Lucky James Abel: Good afternoon, Sir.

Atty. Casibang: For the record, please state your name, age, address
and other personal circumstances.

Lucky James Abel: My name is Lucky James Abel. I’m 30 years old and a
resident of Barangay Leonarda, Tuguegarao City. I am
the Vice President for Finance and Operations of Vic
Abel Medical Clinic, Sir.

Atty. Casibang: Mr. Witness, I’m going to ask you about your family
circumstances. Will you please tell this Honorable Court
about your parents?

Lucky James Abel: My father is Dr. Vic Abel, Sir. He is the owner of Vic
Abel Medical Clinic. He died recently. My mother is the
late Dr. Evangeline Pascual, also of the same medical
clinic. She used to be the President of the family clinic,
Sir.

Atty. Casibang: What about their children, if any?

Lucky James Abel```````````````````````````````:My parents are blessed with three

children, Sir. I am the eldest.

Atty. Casibang: Mr. Witness, your parents seem to be successful in their

careers. When they were still alive, did they also
engage in other business ventures?

Lucky James Abel: Nothing that I can recall, Sir, although they used to be
members of the local Chamber of Commerce here in
Cagayan.

Atty. Casibang: Oh, I see. I take it they must have many businessman
friends?

Atty. Lanchinebre: May we object, your Honor?

Judge Lauigan: On what ground, Counsel?

Atty. Lanchinebre: With all due respect, we don’t see any relevance here,
our Honor.

Atty. Casibang: Your Honor, we simply want to establish the fact that
Plaintiff’s father is not a small time businessman but he
has the resources that the Defendant took advantage by
borrowing money from him and later absconding from
payment, your Honor.

Judge Lauigan: They are merely preliminaries, Counsel. Proceed.

Atty. Casibang: Thank you, your Honor.

Mr. Witness, can you recall executing a Judicial Affidavit

regarding this case?

Lucky James Abel: Yes, Attorney.

Atty. Casibang: If I’ll show you a Judicial Affidavit, pre-marked as

Exhibit ‘B’, would you be able to identify it?

Lucky James Abel: Yes, Sir.

Atty. Casibang: Is this the Judicial Affidavit you are referring to, Mr.
Witness?

Lucky James Abel: Yes, Sir.

Atty. Casibang: In the third page at the bottom, there is a signature

above the name Lucky James Abel. Whose signature is
that, Mr. Witness?

Lucky James Abel: That’s my signature, Sir.

Atty. Casibang: Mr. Witness, we will now ask you about the
circumstances in connection to the loans obtained by
the Defendant from your father.

Based on the Judicial Affidavit, you said that sometime

on September 21, 2019, the Defendant in this case,
Mrs. Precy Almeda, came to your house. Is that
correct?

Lucky James Abel: Yes, Sir.

Atty. Casibang: Do you know the Defendant personally, Mr. Witness?

Lucky James Abel: No, Sir.

Atty. Casibang: Is the Defendant a close associate of anyone in your

family?

Lucky James Abel: My father’s business consultant, Sir.

Atty. Casibang: How do you know that?

Lucky James Abel: From time to time, I used to see her in my father’s clinic,
Sir. When my father was still alive, she was always one
of our guests on important family occasions. I often
heard them talk about the business aspects of our
family clinic, Sir.

Atty. Casibang: If you can recall, Mr. Witness, where were you on
September 21, 2019?

Lucky James Abel: I was in our house, Sir.

Atty. Casibang: Would you mind to tell this Honorable Court the reason
why you stayed home that day?

Lucky James Abel: It was my father’s 60th birthday, Sir. It’s our family
tradition to celebrate his birthday, Sir.

Atty. Casibang: So, I supposed that the Defendant was present also?

Atty. Lanchinebre: Objection – leading, your Honor.

Judge Lauigan: Sustained.

Atty. Casibang: May I reform my question, your Honor.

Mr. Witness, who was the person that your father talked
to at that time?

Lucky James Abel: I can recall the Defendant talking to my father, Sir.

Atty. Casibang: Do you know what they were talking about?

Lucky James Abel: Yes, Sir.

Atty. Casibang: Will you please tell this Honorable Court about it, Mr.
Witness?

Lucky James Abel: Yes, Sir.

I happened to confer with my father about our Audited

Financial Statement for the year, Sir.

Since his door was unlocked, I went inside without

knocking. There, I saw the Defendant. First, I didn’t
mind at all, but something caught my attention.

Atty. Casibang: What caught your attention, Mr. Witness?

Lucky James Abel: It was the Defendant’s insistence about borrowing

money, Sir.

Atty. Casibang: Then, what did you do after?

Lucky James Abel: I draw closer, Sir, to hear some more.

Atty. Casibang: What else did you hear and see?

Lucky James Abel: I saw my father was hesitant to lend money, Sir. But the
Defendant begged my father, Sir. She promised to pay
as soon as the business she was proposing takes off,
Sir.

Atty. Casibang: Did your father lend her the money?

Lucky James Abel: Yes, Sir.

Atty. Casibang: Do you have any proof for that, Mr. Witness?

Lucky James Abel: I have a certified true copy of the Promissory Note that
the Defendant gave my father, Sir.

Atty. Casibang: Is the Promissory Note, pre-marked as Exhibit ‘C’,

dated and signed, Mr. Witness?

Lucky James Abel: Yes, Sir.

Atty. Casibang: How much did the Defendant borrow from your father?

Lucky James Abel: Five Million Pesos, Sir.

Atty. Casibang: When is the date of payment, if any?

Lucky James Abel: On September 21, 2020, Sir.

Atty. Casibang: Mr. Witness, do you know of any circumstances when

the Defendant went back to ask for more money?

Atty. Lanchinebre: Objection, your Honor. Leading.

Judge Lauigan: Sustained.

Atty. Casibang: May I just rephrase my question, your Honor.

Mr. Witness, have you seen the Defendant again after

she took out the first loan of Five Million Pesos from
your father?

Lucky James Abel: Yes, Sir.

Atty. Casibang: When was that, Mr. Witness?

Lucky James Abel: On December 21, 2019, Sir.

Atty. Casibang: What were the circumstances that led you to see the
Defendant again on that date, Mr. Witness?

Lucky James Abel: I saw the Defendant again inside my father’s office, Sir.
Atty. Casibang: At the time, did you notice anything unusual, Mr.
Witness?

Lucky James Abel: Yes, Sir.

Atty. Casibang: What was unusual, Mr. Witness?

Lucky James Abel: My father and the Defendant seemed to have an

argument, Sir.

Atty. Casibang: About what, Mr. Witness?

Lucky James Abel: About money, Sir. Their voices were too loud to be
heard even outside of my father’s office, Sir.

Atty. Casibang: Will you please tell us the reason why they had an
argument, Mr. Witness?

Lucky James Abel: The Defendant needed more money, Sir. Although my
father refused to lend her more money, she was so
insistent. She actually pleaded. Then, she offered my
father the guaranteed interest of 10% so my father
would agree.

Atty. Casibang: Were there any other terms mentioned, Mr. Witness?

Lucky James Abel: Yes, Sir. The Defendant said that if the business won’t
take off, she would just return the money, Sir.

Atty. Casibang: Did your father give her the money?

Lucky James Abel: I believed so, Sir.

Atty. Casibang: Any proof of that, Mr. Witness?

Lucky James Abel: I can personally attest to that fact, Sir.

Atty. Casibang: Other than yourself, do you have other means to back
up your statement, Mr. Witness?

Lucky James Abel: Yes, Sir. We have a hidden CCTV camera placed right
inside my father’s office, Sir.

Atty. De Castro: Your Honor, I am Atty. de Castro, collaborating Counsel

for the Plaintiff. May I continue with the direct, your
Honor.

Atty. De Castro: Mr. Witness, in your Judicial Affidavit, you mentioned

about the two Demand Letters sent to the Defendant.
Are these demand letters, dated September 28, 2022
and October 29, 2022, duly served and received by the
Defendant herself?

Lucky James Abel: Yes, Ma’am.

Atty. De Castro: If the Demand Letters were shown to you, would you be
able to identify them, Mr. Witness?

Lucky James Abel: Of course, Ma’am.

Atty. De Castro: For the record, Mr. Witness, are these the Demand
Letters, marked as Exhibits ‘D’ and ‘E’, you are
referring to?

Lucky James Abel: Yes, Ma’am.

Atty. De Castro: On their faces, you’ll see two identical signatures and
the corresponding dates of receipt. Who actually
received the demand letters, Mr. Witness?

Lucky James Abel: The demand letters were received by one Mrs. Precy
Almeda, Ma’am.

Atty. De Castro: Is she the same as the Defendant in this case, Mr.
Witness?

Lucky James Abel: Yes, Ma’am.

Atty. De Castro: That’s all, your Honor.

Judge Lauigan: Any cross?

Atty. Lanchinebre: We’ll take the cross, your Honor.

Judge Lauigan: Okay, proceed.

Atty. Lanchinebre: Mr. Witness, do you confirm and affirm the testimony
that you have just narrated to us today as similar to the
testimony you have stated in your Judicial Affidavit?

Lucky James Abel: Yes, Sir.

Atty. Lanchinebre: Are you aware that you can be charged of perjury if you
are found lying, Mr. Witness?

Lucky James Abel: Yes, Sir.

Atty. Lanchinebre: Mr. Witness, you said in your direct testimony that the
Defendant borrowed Five Million Pesos. Is that correct?

Lucky James Abel: That’s correct, Sir.

Atty. Lanchinebre: You also said that you were actually there when the
Defendant got the loan for the first time. Is that correct?

Lucky James Abel: Yes, Sir.

Atty. Lanchinebre: Again, Mr. Witness, is it also true that you were present
when the Defendant borrowed money – for the second
time?
Lucky James Abel: That is also true, Sir.

Atty. Lanchinebre: What proof do you have for both loans, if any?

Lucky James Abel: I was there, Sir. So, I can attest to the facts when the
Defendant borrowed money from my father.

Atty. Lanchinebre: Other than you as a witness, is there any other proof to
what you said?

Lucky James Abel: We have the Promissory Note, Sir.

Atty. Lanchinebre: That Promissory Note is for how much and for which
loan, Mr. Witness?

Lucky James Abel: For Five Million Pesos, Sir. For the first loan.

Atty. Lanchinebre: But what about the second loan, Mr. Witness?

Lucky James Abel: I personally saw my father and the Defendant agreed to
the Six Million Pesos, Sir.

Atty. Lanchinebre: Mr. Witness, do you have any document with you to
prove that the second loan even existed at all? How do
you think this Honorable Court will believe in you, if you
don’t have any concrete proof - like acknowledgment
receipt or any document of similar import?

Atty. Casibang: Objection, your Honor. Argumentative. The Counsel is

already arguing with the witness, your Honor.

Judge Lauigan: Sustained.

Atty. Lanchinebre: No more questions, your Honor.

Judge Lauigan: Any redirect?

Atty. De Castro: May I conduct a redirect, your Honor?

Judge Lauigan: Proceed.

Atty. De Castro: Mr. Witness, I supposed you are familiar with business
contracts under the Civil Code of the Philippines. Are
you not?

Lucky James Abel: Slightly familiar, Ma’am.

Atty. De Castro: Based on your professional experience as Vice

President for Finance and Operations, does a
contract need to be in writing to be considered valid,
or enforceable in court?

Lucky James Abel: Not all the time, Ma’am.

Atty. De Castro: Now, Mr. Witness, when someone borrows money from
another person and that person agrees to it by actually
 lending the money, is there any contract to speak of,
even if the same agreement is not reduced into writing?

Lucky James Abel: Yes, Ma’am. There is a contract already, Ma’am.

Atty. De Castro: Thank you, Mr. Witness. That’s all, your Honor.

Judge Lauigan: Any recross?

Atty. Lanchinebre: Yes, your Honor.

Judge Lauigan: Proceed.

Atty. Lanchinebre: Mr. Witness, may I know how much is the total amount
of the loan?

Lucky James Abel: Eleven Million Pesos, Sir.

Atty. Lanchinebre: Mr. Witness, you mentioned that the first loan of Five
Million Pesos was backed by a Promissory Note. Is that
correct?

Lucky James Abel: That is correct, Sir.

Atty. Lanchinebre: According to your prior testimony, the second loan was
merely oral. Is that correct?

Lucky James Abel: Yes, Sir.

Atty. Lanchinebre: If that is the case, then you’ll agree with me that the
second loan is evidenced by nothing but your own
claim. Is that it, Mr. Witness?

Atty. Casibang: Your Honor, we object! Defendant’s Counsel is

misleading the witness already, your Honor.

Judge Lauigan: Sustained.

Atty. Casibang: Thank you, your Honor.

Atty. Lanchinebre: Nothing further, your Honor.

Judge Lauigan: Okay, Counsel. Offer of your documentary exhibits.

Atty. De Castro: On the part of the Plaintiff, Your Honor, we respectfully

offer the following documentary exhibits:

Exhibit ‘A’: The Special Power of Attorney (SPA) to

prove that Lucky James F. Abel is duly authorized to
represent the legal heirs of Dr. Vic Abel in the case;

Exhibit ‘B’: The Judicial Affidavit executed by Lucky

James Abel to prove the existence, due execution and
authenticity of the Promissory Note issued by the
Defendant in the amount of Five Million Pesos
(P5,000,000.00) and the investment agreement, as
 herein testified by Plaintiff, involving the amount of Six
Million Pesos (P6,000,000.00);

Exhibit ‘C’: The Promissory Note to prove the existence

of loan granted to the Defendant in the amount of Five
Million Pesos (P5,000,000.00);

Exhibit ‘D’: The First Demand Letter issued by the

Plaintiff to prove that the Defendant was notified about
her indebtedness;

Exhibit ‘E’: The Final Demand Letter issued by the

Plaintiff to prove that the Defendant was given the
amplest opportunity to settle; and,

Exhibit ‘F’: The footage of the Closed-Circuit Television

(CCTV) camera, dated December 21, 2019, to prove
the presence of the Defendant in the house of Dr. Vic
Abel at the time the second loan was obtained.

That’s all your honor for the exhibits.

Judge Lauigan: Any comment?

Atty. Mangantulao: Your Honor, as to Plaintiff’s Exhibit ‘A’, we admit.

But as to Exhibit ‘B’, we partially admit as to the

existence of the Promissory Note. However, we deny
the existence of the second loan, including the
stipulated interest of 10%;

As to Plaintiff’s Exhibit ‘C’, we admit, your Honor.

As to Plaintiff’s Exhibit ‘D’: we also admit, your Honor.

As to Plaintiff’s Exhibit ‘E’, we partially admit, your

Honor, since compliance thereof is anchored on the
settlement before the barangay, your Honor.

Finally, as to Plaintiff’s Exhibit ‘F’, we deny, your

Honor, since the CCTV’s existence, genuineness and
authenticity as documentary evidence have not been
properly identified nor even pre-marked as part of
Plaintiff’s exhibits, your Honor.

Atty. Casibang: Your Honor, having offered the testimony of our witness
as contained in his Judicial Affidavit and having
presented for the consideration of this Honorable Court
all our documentary exhibits, the Plaintiff now rests his
case, your Honor. Thank you.
 Presentation of Defendant’s Evidence
Judge Lauigan: Defendant, are you ready for your witness?

Atty. Lanchinebre: Ready, your Honor.

Judge Lauigan: Alright, proceed.

Atty. Lanchinebre: Your Honor, may we call on Mrs. Precy Almeda, the
Defendant.

Judge Lauigan: Swear her in.

Clerk of Court: Madame Witness, kindly raise your right hand. Before
this Honorable Court, do you swear to tell the truth, the
whole truth and nothing but the truth?

Kriska Aleli Duruin: Yes, I do, Ma’am.

Clerk of Court: The witness is now ready, your Honor.

Judge Lauigan: Okay, proceed the proffer.

Atty. Lanchinebre: Your Honor, we would like to offer the testimony of the
Defendant, Mrs. Precy Almeda. The witness will testify
as to the existence of the following facts, your Honor:

First, that the Defendant obtained a personal loan

amounting to Five Million Pesos (P5,000,000.00) on
September 21, 2019 without any interest whatsoever
and for which a corresponding Promissory Note was
issued;

Second, that the alleged second loan, dated December

21, 2019, amounting to Six Million Pesos
(P6,000,000.00), was never granted, including 10%
interest per month while the business subsists, which is
actually subject to the condition that the investment will
take off to generate income and from which payment
shall be made to satisfy her liabilities; and,

Third, that the Defendant personally acceded to any

amicable settlement by way of reduction on or novation
of her actual liabilities before Brgy. Leonarda of
Tuguegarao City, thus unintentionally incurring delay in
the settlement of her outstanding loan, notwithstanding
receipts of the demand letters;

Furthermore, in respect to the witness’ offer of

testimony, your Honor, the Defendant prays that her
own Judicial Affidavit, duly filed and admitted by this
Honorable Court before the pre-trial, be adopted to form
part of the records in today’s proceedings, your Honor.
Judge Lauigan: Noted. Let the Judicial Affidavit executed by the
Defendant be admitted. You may now continue with
your presentation of witness, Counsel.

Atty. Mangantulao: Your Honor, I am Atty. Kirstiel Mangantulao,

collaborating Counsel for the Defendant. May I proceed
with the direct examination of the witness, your Honor?

Judge Lauigan: Proceed.

Atty. Mangantulao: How are you, Madame Witness?

Kriska Aleli Duruin: I’m fine, Ma’am. Thank you!

Atty. Mangantulao: For the record, Madame Witness, would you mind to tell
this Honorable Court about your name, marital status,
age, address and other personal circumstances?

Kriska Aleli Duruin: My name is Precy Almeda, 35 years old, married and a
resident of Caritan Norte, Tuguegarao City. I am a
Certified Public Accountant by profession but I am
currently engaged in bonds, stocks, and securities
investments, Attorney.

Atty. Mangantulao: For the record, Madame Witness, I’m going to ask you
about investments, since it appears to be your
line of business.

Kriska Aleli Duruin: Sure, Ma’am.

Atty. Mangantulao: Madame Witness, how may one trade in stocks, bonds
or securities in the open market?

Kriska Aleli Duruin: It’s just simple, Ma’am. When there are companies that
are performing well in the market, the value of their
stocks goes higher. So those stockholders who wish to
cash-in on their preferred shares may sell the same in
the stock market.

Atty. Mangantulao: So, how does one earn money?

Kriska Aleli Duruin: If we deduct the original cost of acquiring stocks from
their selling price based on current market value, then
the investors will make a lot of money out of the
difference, Ma’am.

If, for example, the investors have acquired more

shares, there is a high margin of profit to be made by
the stock holding seller, Ma’am.

Atty. Mangantulao: As you mentioned, Madame Witness, the bigger the

shares, the bigger the prospect for profit. Is that the right
interpretation to it, Madame Witness?

Kriska Aleli Duruin: Exactly, Ma’am.

Atty. Mangantulao: Okay. But hypothetically, Madame Witness, if an
investor loses money and the money used to invest is
obtained through borrowings, then the lender likewise
assumes or bears the risk of loss ‘as to the investment’.
Am I correct, Madame Witness?

Atty. Casibang: Your Honor, what is the relevance of the question? We

don’t see the connection of investment with the debts
incurred by the Defendant, your Honor!

Atty. Mangantulao: Your Honor, we simply want to establish the reason why
this Defendant secured a loan from the Plaintiff’s father,
and the basis of her claim that as to the amount
invested, losses thereto are likewise borne by the
lender, your Honor.

Judge Lauigan: Overruled. Proceed.

Atty. Mangantulao: Thank you, your Honor.

Madame Witness, how long have you been engaged in

stock trading, bonds and securities investments?

Kriska Aleli Duruin: I guess, for more than ten years already, Ma’am.

Atty. Mangantulao: Okay. Madame Witness, let me now take you to the day
when you needed money to invest in the stock market.

I take it that aside from your own money, you

sometimes need more capital to invest? Am I correct,
Madame Witness?

Kriska Aleli Duruin: Yes, there are times, Ma’am.

Atty. Mangantulao: In such cases, to whom do you borrow money to

finance your investments?

Kriska Aleli Duruin: Sometimes, I take out loans from banks, or borrow
money from my relatives, close business associates or
even friends, Ma’am.

Atty. Mangantulao: Do you always return what you owe them when you
cash-in on your investments?

Kriska Aleli Duruin: Yes, Attorney. I always do.

Atty. Mangantulao: Now, Madame Witness, I am showing to you a

document captioned as a ‘Judicial Affidavit’ and pre-
marked as Exhibit ‘1’.

Do you recall executing a sworn affidavit in relation to

this case, Madame Witness?

Kriska Aleli Duruin: Yes, Ma’am.

Atty. Mangantulao: At the bottom part of page 2 thereof, you can see a
signature above a name. Can you read before this
Honorable Court the name thus inscribed at the bottom
of the page I mentioned, Madame Witness?

Kriska Aleli Duruin: It’s Precy Almeda, Ma’am.

Atty. Mangantulao: Are Precy Almeda and you one and the same person,
Madame Witness?

Kriska Aleli Duruin: Yes, Attorney.

Atty. Mangantulao: So, I suppose the signature here must be yours,

Madame Witness?

Atty. Casibang: Objection. Leading, your Honor.

Judge Lauigan: Sustained.

Atty. Mangantulao: Okay, let me just rephrase my question, your Honor.

Madame Witness, whose signature is the one inscribed
in the Judicial Affidavit?

Kriska Aleli Duruin: That’s my signature, Ma’am.

Atty. Mangantulao: For the record, may we know who assisted you in
executing the Judicial Affidavit, Madame Witness?

Kriska Aleli Duruin: It’s the law firm of Lanchinebre Mangantulao &
Associates, Ma’am.

Atty. Mangantulao: Okay. Based on your own affidavit, Madame Witness,

where were you on September 19, 2019?

Kriska Aleli Duruin: I was at the residence of a close business associate,

Ma’am. I went there to attend a birthday party.

Atty. Mangantulao: Whose residence was it, Madame Witness?

Kriska Aleli Duruin: Dr. Vic Abel’s residence, Ma’am.

Atty. Mangantulao: Did you have any other reasons in going there?

Kriska Aleli Duruin: Yes, Ma’am.

Atty. Mangantulao: Will you please tell this Honorable Court why you were
there on that date, Madame Witness?

Atty. Casibang: Objection! Already asked and answered, your Honor.

Judge Lauigan: Sustained.

Atty. Mangantulao: Alright, Madame Witness. Were there any other reasons
why you were at Dr. Abel’s residence?
Kriska Aleli Duruin: I went there to borrow money from Dr. Abel, Ma’am.

Atty. Mangantulao: Like ‘instantly’, Madame Witness?

Kriska Aleli Duruin: Yes, Ma’am. I had it on short notice because the real
estate stocks were selling at rock-bottom low prices. I
needed that amount to buy a block of stocks from a real
estate company, Ma’am.

Atty. Mangantulao: What did you tell him to, if any?

Kriska Aleli Duruin: I told him that I would be able to recover the investment
fast once the ‘Build-Build-Build’ program of Pres.
Rodrigo Duterte would roll out soon. At that time, a high
executive official from the DBM told me that before the
year would end, the national budget for infrastructure
projects would be released.

Atty. Mangantulao: Tell us some more about it, Madame Witness.

Kriska Aleli Duruin: It was some kind of an insider information that no one
else had known at the time. I just thought I could make
a windfall by buying stocks at super low prices and
selling them all - once their prices would go up, Ma’am.

Atty. Mangantulao: So, were you lent the money, Madame Witness?

Kriska Aleli Duruin: Yes, Ma’am.

Atty. Mangantulao: Madame Witness, what did you issue to Dr. Abel as
proof of your indebtedness, if any?

Kriska Aleli Duruin: I issued a Promissory Note, Ma’am.

Atty. Mangantulao: How much did you borrow from Dr. Abel, Madame
Witness?

Kriska Aleli Duruin: 5 Million Pesos, Ma’am.

Atty. Mangantulao: I have here a copy of the Promissory Note, pre-marked

as Plaintiff’s Exhibit ‘A’. Do you recognize your
signature here, Madame Witness?

Kriska Aleli Duruin: Yes, Ma’am.

Atty. Mangantulao: No further questions, your Honor.

Atty. Lanchinebre: Your Honor, may I continue with the ‘direct examination’
for this witness?

Judge Lauigan: Proceed.

Atty. Lanchinebre: Thank you, your Honor.

Madame Witness, in your Promissory Note, did it

mention about payment of interest?
Kriska Aleli Duruin: No stipulation of such interest, Sir. None at all.

Atty. Lanchinebre: Madame Witness, did you at some point, return to Dr.
Abel’s residence on September 19, 2019?

Kriska Aleli Duruin: Yes, Sir, I did.

Atty. Lanchinebre: When was that, Madame Witness?

Kriska Aleli Duruin: On December 21, 2019, Sir.

Atty. Lanchinebre: What was your purpose in going there, if any?

Kriska Aleli Duruin: To talk to him about my on-going investments, Sir.

Atty. Lanchinebre: What happened to your past foray in real estate stock
buying and selling, Madame Witness? Did you make
money out of it?

Kriska Aleli Duruin: Yes, Sir. I made clean money out of it, Sir.

Atty. Lanchinebre: Then why the sudden need for more money, Madame
Witness?

Kriska Aleli Duruin: I thought I could invest some more, Sir.

Atty. Lanchinebre: Madame Witness, were you able to borrow money when
you went to Dr. Abel’s residence for the second time?

Kriska Aleli Duruin: No, Sir, I did not.

Atty. Lanchinebre: But did you get anything at all?

Kriska Aleli Duruin: He did not lend me the money, Sir, but he made
investment with my business ventures, Sir.

Atty. Lanchinebre: How much did he invest, Madame Witness?

Kriska Aleli Duruin: 6 Million Pesos, Sir.

Atty. Lanchinebre: Were there other terms and conditions for that, Madame
Witness?

Kriska Aleli Duruin: We just agreed on the 10% interest for the principal
amount, Sir, if the business subsists.

Atty. Lanchinebre: Was there any stipulation as to the date of payment,

Madame Witness?

Kriska Aleli Duruin: None, Sir.

Atty. Lanchinebre: Were there no other conditions agrred on, Madame

Witness?
Kriska Aleli Duruin: Ah, I now remember, I told him that the 6 Million Pesos
given to me will be his share of capital for my real estate
stock investments, Sir.

Atty. Lanchinebre: So, it appears to be Dr. Abel’s investment – and not

loan - Madame Witness?

Atty. Casibang: Objection, your Honor. Leading. Also, that calls for
speculation, your Honor. The Counsel for the Defendant
is now putting words into the mouth of the witness, your
Honor.

Judge Lauigan: Sustained.

Atty. Lanchinebre: Let me reform my question, your Honor.

Madame Witness, you mentioned during your

preliminary testimony that hypothetically, an investor
likewise assumes the risk or losses. Did I get it right,
Madame Witness?

Kriska Aleli Duruin: You are right, Sir.

Atty. Lanchinebre: Madame Witness, did you receive any demand letter
from the Plaintiff?

Kriska Aleli Duruin: Yes, Attorney.

Atty. Lanchinebre: What was your reaction, if any, Madame Witness?

Kriska Aleli Duruin: I was surprised to know that the heirs of Dr. Abel were
demanding payment amounting to more than the
amount I actually borrowed, plus accrued interests, Sir.

Atty. Lanchinebre: Why were you surprised, Madame Witness?

Kriska Aleli Duruin: Because I thought I only borrowed 5 Million Pesos

without any interest, Sir.

Atty. Lanchinebre: Madame Witness, allow me to show you the two

demand letters captioned as First Demand Letter and
Final Demand Letter, pre-marked by Plaintiff as
Exhibits ‘D’ and ‘E.

Are these the two demand letters you are referring to,
Madame Witness?

Kriska Aleli Duruin: Yes, Sir.

Atty. Lanchinebre: On line 2 of the 3rd paragraph of the First Demand

Letter, it is stated therein that you owe the heirs of Dr.
Abel the total amount of 11 Million Pesos. Will you
confirm the amount, Madame Witness?

Kriska Aleli Duruin: I confirm, Sir.

Atty. Lanchinebre: Madame Witness, on line 4 of the second paragraph of
the Final Demand Letter, it is likewise stated that you
owe the heirs of Dr. Abel the total amount of 11 Million
Pesos. Will you also confirm the amount, Madame
Witness?

Kriska Aleli Duruin: Yes, Sir. I also confirm.

Atty. Lanchinebre: Madame Witness, what did you do after you received
the first and final demand letters, if any?

Kriska Aleli Duruin: I tried to communicate with the heirs, Sir.

Atty. Lanchinebre: Were you able to do so, Madame Witness?

Kriska Aleli Duruin: No, Sir, because nobody would want to talk to me on
the matter, Sir.

Atty. Lanchinebre: Madame Witness, have you received any other letter,
aside from the two demand letters from the
Plaintiff?

Kriska Aleli Duruin: Yes, Sir.

Atty. Lanchinebre: For the record, will you please tell this Honorable Court
who sent the letter?

Kriska Aleli Duruin: It’s from the barangay, Sir – the summons.

Atty. Lanchinebre: Madame Witness, what was written in the summons?

Kriska Aleli Duruin: I was directed to appear for a barangay conciliation with
the complaining heirs, Sir.

Atty. Lanchinebre: Did you go to the scheduled date of conciliation hearing,

Madame Witness?

Kriska Aleli Duruin: Yes, Sir.

Atty. Lanchinebre: Were you able to amicably settle with the heirs,
Madame Witness?

Kriska Aleli Duruin: No, Sir.

Atty. Lanchinebre: What was the reason for the failure of parties to
amicably settle, Madame Witness?

Kriska Aleli Duruin: Because the heirs of Dr. Abel still insisted on the 11
Million Pesos that they claimed I owed from their father,
plus interest, Sir.

Atty. Lanchinebre: Madame Witness, what was the cause of delay in

responding to the 2 demand letters that were sent to
you?
Kriska Aleli Duruin: I had to wait for the results of the settlement
proceedings, Sir. According to the barangay, they would
exhaust all means possible for the parties to arrive at a
compromise.

Apparently, it did not materialize. I was later on

surprised that a case is already filed in court, Sir.

Atty. Lanchinebre: No more questions, your Honor.

Judge Lauigan: Any cross?

Atty. De Castro: I’ll do the cross examination, your Honor.

Judge Lauigan: Okay, proceed.

Atty. De Castro: Thank you, your Honor.

Madame Witness, based on the Promissory Note that

was issued, dated September 19, 2019, you are
supposed to pay Dr. Vic Abel a year after the loan was
contracted. Am I right, Madame Witness?

Kriska Aleli Duruin: Yes, Ma’am.

Atty. De Castro: Do you know what month and year is it today, Madame
Witness?

Kriska Aleli Duruin: It’s December 10, 2022, Ma’am.

Atty. De Castro: And to refresh your memory, Madame Witness, you

obtained the first loan on September 19, 2019.

Is it therefore fair to say that you have been delayed

with your obligation to pay the first loan by exactly 2
years, 2 months and 21 days?

Kriska Aleli Duruin: It appears so, Ma’am.

Atty. De Castro: Madame Witness, are you aware of BSP Circular No.
799, Series 2013?

Kriska Aleli Duruin: No, Ma’am. But please enlighten me, Ma’am.

Atty. De Castro: The BSP circular expressly provides that when there is
no stipulated interest in a contract of loan, the legal
interest shall be 6%.

So, with this provision, Madame Witness, will you agree

with me that even if the Promissory Note did not
stipulate any specific interest, you are still liable to pay
your creditor or his heirs the full amount of the principal,
plus legal interest?

Kriska Aleli Duruin: I agree, Ma’am.

Atty. Casibang: Your Honor, may we continue with the cross
examination.

Madame Witness, based on your testimony – as

likewise contained in your Judicial Affidavit – you and
the heirs’ father, Dr. Abel, agreed to an interest of 10%.
Is it correct, Madame Witness?

Kriska Aleli Duruin: That’s correct, Sir.

Atty. Casibang: Madame Witness, in your prior testimony – as likewise

contained in your Judicial Affidavit – you promised to
return the second tranche of 6 Million Pesos.

Moreover, you undertook to return the amount within

one month upon demand, even if and when the
business fails to take off. Am I correct, Madame
Witness?

Kriska Aleli Duruin: You’re correct, Sir.

Atty. Casibang: Madame Witness, will you please tell this Honorable
Court if your business venture, or investment as you
want to call it, has taken off since you borrowed money
twice from Dr. Abel?

Kriska Aleli Duruin: It did not, Sir. In fact, I lost millions more than my
investors, Sir.

Atty. Casibang: So, Madame Witness, do you agree with me that if your
proposed business failed to take off, as in this case, you
are bound to return the money?

Kriska Aleli Duruin: Supposedly, Sir. But I take exception to the demand of
payment for the full amount of my first loan and the
investment money given by Dr. Abel due to the
pandemic, Sir.

Atty. Casibang: Nothing further, your Honor.

Judge Lauigan: Any redirect?

Atty. Mangantulao: Yes, your Honor.

Judge Lauigan: Proceed.

Atty. Mangantulao: Madame Witness, would you please tell this Honorable
Court why your investments failed to take off?

Kriska Aleli Duruin: The economic situation prior to 2020 was still stable and
actually ripe for investments, Ma’am.

But suddenly, the pandemic set in during the first

quarter of 2020. Businesses were hit. The economy
simply plunged down irreversibly, Ma’am.
Atty. Mangantulao: Are there negative effects to the economy due to the
COVID-19 pandemic, Madame Witness?

Kriska Aleli Duruin: Yes, Ma’am. The pandemic has led the real estate
industry to take a dip and suffer losses, Ma’am.

Atty. Mangantulao: In other words, you failed to settle your debts not
because you wanted to but because of force majeur or
the pandemic that was not foreseen – and even if
foreseen – one which you could not do anything at all.
Am I right, Madame Witness?

Kriska Aleli Duruin: You are right, Ma’am.

Atty. Mangantulao: If such is the case, any investor will assume the
business losses, am I correct, Madame Witness?

Kriska Aleli Duruin: You are correct, Ma’am.

Atty. Mangantulao: Madame Witness, is Dr. Abel a creditor who extended a

personal loan to you or an investor who put money to
your business ventures to earn profit?

Kriska Aleli Duruin: He was an investor, Ma’am.

Atty. Mangantulao: That would be all for this witness, your Honor.

Judge Lauigan: Any re-cross?

Atty. Casibang: I’ll do the re-cross, your Honor.

Madame Witness, did you undertake to pay your debts,

even if your business fails?

Kriska Aleli Duruin: Yes, Sir.

Atty. Casibang: When you obtained that money for your investments,
did you not represent to Dr. Abel that you would return
exactly the amount you got from him?

Kriska Aleli Duruin: Yes, Sir.

Atty. Casibang: Even if your business fails to take off?

Kriska Aleli Duruin: Yes, Sir.

Atty. Casibang: Was there any agreement made by you and your
creditor to the effect that force majeur, such as the
global pandemic, shall novate or condone your debts?

Kriska Aleli Duruin: None, Sir.

Atty. Casibang: No further questions, your Honor.

Judge Lauigan: Formal offer, Counsel.

Atty. Lanchinebre: Your Honor, the Defendant formally offers the following
documentary exhibits:

First, as Defendant’s Exhibit ‘1’, we formally offer the

Judicial Affidavit of Mrs. Precy Almeda, to prove that the
first loan that she obtained was without any stipulation
of interest, and that the oral agreement made by the
Defendant and Dr. Vic Abel, decedent father of the
Plaintiff, was not meant as a loan but as an investment
with sufficient warranties as to the payment of the
principal amount due and interest accrued thereon, if
the proposed business venture successfully takes off;
and,

Second, as Defendant’s Exhibit ‘2’, your Honor, we

formally offer the Promissory Note issued by the
Defendant in consideration of the contract of loan,
without any interest, with Dr. Vic Abel.

For the consideration of this Honorable Court, your

Honor.

Judge Lauigan: Any comment?

Atty. De Castro: Your Honor, we admit to the offer of the Judicial

Affidavit as Defendant’s Exhibit ‘1’ insofar as it
establishes the existence of loan that the Defendant
took out from Dr. Vic Abel for the first time on
September 21, 2019.

However, we object to the stipulations made in the

Defendant’s Exhibit ‘2’ that the negotiable instrument
duly issued was without any interest, since BSP Circular
No. 799, series of 2013, actually provides for a default
legal interest, if no mutually agreed upon interest rate is
stipulated in any contract of this nature.

That’s all, your Honor.

Atty. Mangantulao: Your Honor, after having formally offered the

documentary exhibits and the testimony of the
Defendant, we now rest our case, your Honor.

Thank you, your Honor!

Good Luck!