- Petitioner
- Asian Construction
- Respondent
- Philippine Commercial International Bank
- Citation
- G.R. No. 153827
- Court
- Supreme Court
- Division
- Second Division
- Ponente
- Garcia, J.
- Decided
- April 25, 2006
Summary
This commercial law case involved a dispute between construction company ASIAKONSTRUKT and PCIBANK over US$4.5 million in unpaid loans secured by assignment of receivables. PCIBANK alleged fraud when ASIAKONSTRUKT collected but failed to remit assigned contract proceeds. The trial court granted summary judgment, finding no genuine issues of fact despite ASIAKONSTRUKT's defense of financial hardship from the 1997 Asian crisis. The Court of Appeals affirmed with reduced attorney's fees, and the Supreme Court upheld the decision, emphasizing that economic difficulties do not excuse contractual obligations and that defendants must support their defenses with proper affidavits to avoid summary judgment. The case demonstrates the application of summary judgment rules in commercial disputes and the binding force of contracts despite economic hardships.