January 2014 Philippine Supreme Court Decisions on Commercial Law

Here are select January 2014 rulings of the Supreme Court of the Philippines on commercial law:

Corporations; liability of corporate officers. As a general rule, the officer cannot be held personally liable with the corporation, whether civilly or otherwise, for the consequences his acts, if acted for and in behalf of the corporation, within the scope of his authority and in good faith. Rodolfo Laborte, et al. v. Pagsanjan Tourism Consumers’ Cooperative, et al., G.R. No. 183860, January 15, 2014.

Banks; degree of diligence. Being a banking institution, DBP owed it to Guariña Corporation toexercise the highest degree of diligence, as well as to observe the high standards of integrity and performance in all its transactionsbecause its business was imbued with public interest. The high standards were also necessary to ensure public confidence in the banking system. Development Bank of the Philippines (DBP) v. Guariña Agricultural and Realty Development Corporation, G.R. No. 160758. January 15, 2014.

(Hector thanks Camille Maria L. Castolo for her assistance to Lexoterica.)