: EQUITABLE PCI BANK V.

RCBC CAPITAL CORPORATION

G.R. NO. 182248, December 18, 2008
Facts:
Equitable PCI executed a Share Purchase Agreement for the purchase of Equitable PCI’s interest
in Bankard. After 3 years from the execution of the deed of sale, RCBC however informed Equitable PCI
of overpayment of over P616M for the purchase price of the shares. RCBC claimed that Equitable PCI
violated their warranty as sellers. Following the unsuccessful attempts for settlement, RCBC filed a
request for Arbitration with the ICC- ICA. Then, Equitable PCI denied RCBC’s averments, claimed that
the period for filing the claim has already lapsed, was guilty of laches and was not entitled to rescission
having had ample opportunity and reasonable time to file a claim against Equitable PCI. The Arbitral
Tribunal rendered a Partial Award holding that RCBC’s claim is not time-barred as it was filed within the
3-year period. It also exonerated RCBC from laches and it considered impracticable the rescission of the
Agreements.
RCBC field with the RTC a Motion to Confirm Partial Award. Equitable PCI countered through a
Motion to Vacate the Partial Award. RTC ordered confirming the Partial Award. Equitable PCI sought
reconsideration but RTC denied. Hence, Equitable PCI filed a Petition for Review with the Supreme
Court under Rule 45 of the Rules of Court.
Issue:
Whether or not Rule 45 the proper remedy or the direct appeal to SC.
Ruling:
No. Based on Rule 45 it is not the remedy but an appeal before the CA pursuant to Sec. 46 of the
ADR Act of 2004 which was already effective at the time the arbitral proceeding commenced or on May
12, 2004 through a request for arbitration with the ICC-ICA.  RA 9285 took effect on April 28, 2004. his
is a procedural miscue for petitioners who erroneously by passed the Court of Appeals (CA) in pursuit of its
appeal. While this procedural issue has not been raised by RCBC, still we would be remiss in not pointing
out the proper mode of appeal from a decision of the RTC confirming, vacating, setting aside, modifying, or
correcting an arbitral award.