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EQUITABLE BANKING CORPORATION v. FELIPE LIWANAG

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GR No. 159912
2007-08-17
UNITED COCONUT PLANTERS BANK v. SPS. SAMUEL AND ODETTE BELUSO
CHICO-NAZARIO, J.
As regards the imposition of penalties, however, although we are likewise upholding the imposition thereof in the contract, we find the rate iniquitous. Like in the case of grossly excessive interests, the penalty stipulated in the contract may also be reduced by the courts if it is iniquitous or unconscionable.[30]