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DBP v. Arcilla Jr.

accordance with the rules and regulations prescribed by the Monetary Board
of the Central Bank of the Philippines, the following information:
Facts: Atty. Felipe Arcilla Jr. was employed by the DBP. After he was
assigned to the legal department, he decided to avail of a loan under the 1. the cash price or delivered price of the property or service
Individual Housing Project (IHP) of the bank for the payment of the parcel to be acquired;
2. the amounts, if any, to be credited as down payment
of land purchased by him and for its construction.
and/or trade-in;
3. the difference between the amounts set forth under clauses
When Arcilla resigned from DBP, the bank notified him that his loan has
(1) and (2);
been converted to a regular housing loan. 4. the charges, individually itemized, which are paid or to be
paid by such person in connection with the transaction but
Arcilla agreed to the reservation by the DBP of its right to increase the rate which are not incident to the extension of credit;
of interest on the loan, as well as all other fees and charges on loans and 5. the total amount to be financed;
advances pursuant to such policy as it may adopt from time to time during 6. the finance charges expressed in terms of pesos and
the period of the loan. centavos; and
7. the percentage that the finance charge bears to the total
Issue: Whether or not DBP violated RA 3765 otherwise known as The amount to be financed expressed as a simple annual rate
Truth in Lending Act. on the outstanding unpaid balance of the obligation.

Ruling: If the borrower is not duly informed of the data required by the law prior to
the consummation of the availment or drawdown, the lender will have no
Section 1 of R.A. No. 3765 provides that prior to the consummation of a right to collect such charge or increases thereof, even if stipulated in the
loan transaction, the bank, as creditor, is obliged to furnish a client with a promissory note. However, such failure shall not affect the validity or
clear statement, in writing, setting forth, to the extent applicable and in enforceability of any contract or transaction.

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