In the Matter of the Petition for Rehabilitation and for a Declaration in a State of Suspension of Payments

[SEC CASE NO. 2693. October 23, 1987.] IN THE MATTER OF THE PETITION FOR REHABILITATION AND FOR A DECLARATION IN A STATE OF SUSPENSION OF PAYMENTS UNDER SEC. 4 OF P.D. NO. 1758 , BF HOMES, INCORPORATED , petitioner . O R D E R A Manifestation and Motion dated October 9, 1987 was filed by Home Insurance and Guaranty Corporation informing this Commission that in its desire to effect an early recovery of its huge exposure it is supporting the Rehabilitation Plan submitted by B.F. Homes, Inc., including its willingness to assume by way of bond payment the guaranteed principal obligations of B.F. Homes, Inc. to Banco Filipino Savings and Mortgage Bank/Central Bank. It will be recalled that last June 19, 1987, there was filed with this Commission a Manifestation by Governor Carlota Valenzuela, Liquidator of Banco Filipino, informing this Commission that Central Bank is not inclined to join/participate in the proposed rehabilitation programs unless any financial institution assumes the obligations of B.F. Homes, Inc. with Banco Filipino Savings and Mortgage Bank and takes over the corresponding real estate mortgages. In view of the latest manifestation of Home Insurance and Guaranty Corporation of its intention to assume all the obligations of B.F. Homes Inc., there is now an imperative necessity for this Commission to be informed of the Central Bank's position on this matter. CTEacH WHEREFORE, Central Bank, through Governor Carlota P. Valenzuela, is hereby directed to submit its comment on the Manifestation and Motion dated October 9, 1987, filed by Home Insurance Guaranty Corporation, copy attached, within ten (10) days from receipt hereof furnishing copy thereof to the counsel of the Receiver and the Home Insurance and Guaranty Corporation. cTADCH SO ORDERED. (SGD.) FELIPE S. TONGCO Hearing Officer (SGD.) ALBERTO P. ATAS (SGD.) ENRIQUE L. FLORES, JR. Hearing Officer Hearing Officer