330 Phil. 903
FRANCISCO, J.:
"ACCORDINGLY, judgment is hereby rendered:On appeal, public respondent Court of Appeals (CA) affirmed the decision of the lower court with modification, to wit:
1. Ordering defendant Food Terminal, Inc. to pay plaintiff TAO Development, Inc. the amount of P2,429,055.00 as actual damages representing the loss sustained by plaintiff;
2. Ordering said defendant to pay said plaintiff the amount of P800,000.00 as damages it sustained in paying interest on the cash advance of US$100,000.00 from plaintiff’s Japanese buyer;
3. Ordering said defendant to pay said plaintiff the amount of P1,534,005.00 as unearned profits; and
4. Ordering said defendant to pay said plaintiff the amount of P100,000.00 as attorney’s fees.
The above amounts shall earn interest at the rate of 12 per cent per annum from May 15, 1984 until fully satisfied.
In addition, defendant is, likewise, ordered to pay the costs of the suit.
SO ORDERED."[1]
"WHEREFORE, in view of the foregoing, the decision appealed from is hereby AFFIRMED with MODIFICATIONS. Accordingly, judgment is hereby rendered as follows:Hence, this petition on both questions of fact and law.
a) Ordering the defendant Food Terminal, Inc. to pay appellee TAO Development, Inc. the amount of P2,400,168.00 as actual damages representing the loss sustained by the appellee;
b) Ordering said appellant to pay said appellee the amount of P1,534,005.00 as unearned profits; and
c) Ordering said appellant to pay said appellee the amount of P100,000.00 as attorney’s fees.
The above amounts shall earn interest at the rate of 12% per annum from May 15, 1984 until fully satisfied."
No costs.
IT IS SO ORDERED."[2]
"By virtue of the authority granted to it under Section 1 of Act 2655, as amended known as the ‘Usury Law’, the Monetary Board in its Resolution No. 1622 dated July 29, 1974, has prescribed that the rate of interest for the loan, or forbearance of any money, goods, or credits and the rate allowed in judgments, in the absence of express contract as to such rate of interest, shall be twelve (12%) per cent per annum. This circular shall take effect immediately."The above circular refers to legal interest in a loan or forbearance of money, or to cases where money is transferred from one person to another and the obligation to return the same or a portion thereof is adjudged.[5] Any other monetary judgment which does not involve or which has nothing to do with loans or forbearance of any money, goods or credit does not fall within its coverage for such imposition is not within the ambit of the authority granted to the Central Bank.[6] When an obligation not constituting a loan or forbearance of money is breached then an interest on the amount of damages awarded may be imposed at the discretion of the court at the rate of 6% per annum[7] in accordance with Art. 2209[8] of the Civil Code. Indeed, the monetary judgment in favor of private respondent does not involve a loan or forbearance of money, hence the proper imposable rate of interest is six (6%) per cent. However, as declared in the case of Eastern Shipping Lines, Inc. vs. CA[9], the interim period from the finality of the judgment awarding a monetary claim and until payment thereof, is deemed to be equivalent to a forbearance of credit. Thus, from the time the judgment becomes final until its full satisfaction, the applicable rate of legal interest shall be twelve percent (12%).
a) Ordering petitioner Food Terminal, Inc. to pay private respondent TAO Development, Inc. the amount of P2,400,168.00 as actual damages representing the loss sustained by the private respondent;These amounts shall earn interest at the rate of SIX PER CENT (6%) per annum from May 15, 1984 until fully satisfied, but before judgment becomes final. From the date of finality of the judgment until the obligation is totally paid, A TWELVE PER CENT (12%) interest, in lieu of the SIX PER CENT (6%) interest, shall be imposed.
b) Ordering petitioner to pay private respondent the amount of P1,534,005.00 as unearned profits; and
c) Ordering petitioner to pay private respondent the amount of P100,000.00 as attorney’s fees.