Cebu City Mayor Tomas Osmeña attends the hearing for BDO’s petition for a TRO. (CDN PHOTO/JOSE SANTINO S. BUNACHITA)
The Regional Trial Court (RTC) Branch 18 Judge Gilbert Moises orders status quo on the operation of Banco De Oro (BDO) branches in Cebu City until March 6.
The decision was made after a closed door meeting between the lawyers of both BDO and Cebu City Hall as well as Mayor Tomas Osmeña on Wednesday afternoon.
Another hearing is set on February 27 for the petition for a preliminary injunction by BDO.
READ: BDO apologizes for problems caused by threat of Cebu branch closures)
In the meantime, Judge Moises also encouraged both parties to discuss among themselves and try to come up with an amicable settlement on the issue.
The judge also ordered both parties to submit their respective memorandums within ten days on the pending petition for a preliminary injunction by BDO.
Last month, Osmeña filed a case against BDO Magallanes-Plaridel branch for under declaring its gross annual income in 2016.
READ:BDO granted TRO)
He also hinted at the possible closure of 26 BDO branches in the city after he ordered to put on hold their renewed business permits.
On Monday, the Regional Trial Court has also issued a 72-hour Temporary Restraining Order (TRO) preventing Cebu City Mayor Tomas Osmeña from closing the Magallanes Branch of Banco de Oro (BDO) Unibank.