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THE MANILA BANKING CORPORATION,
                        Petitioner,

G. R. No. L-62925

December 26, 1984

TMBC EMPLOYEES COUNCIL
and THE NATIONAL LABOR RELATIONS COMMISSION,
                         Respondents.
 
 

ESCOLIN, J.:

The parties submitted to this Court a Compromise Agreement, the terms and conditions of which are as follows:

1.  Without admitting any liability and in the interest of industrial peace and harmonious employer-employee relation, MANILA BANK, upon ratification by at least a majority of the general membership of TMBSCEC, and approval by the Supreme Court of this Agreement, agrees to pay the sum of P2,500.00 to each of the remaining employees appearing in MANILA BANK's payroll as of September 30, 1984 who were covered by the 1978-1981 CBA and who would be benefited should the Supreme Court rule against MANILA BANK in G. R. No. 62925, which amount shall be applied in payment of the loan of P2,500.00 which MANILA BANK extended to each of the covered employees in December 1983.

2.  The foregoing payment shall be considered by TMBCEC, and TMBCEC  expressly acknowledges and admits the said payment, as the full and complete settlement and satisfaction of any and all claims which the employees and TMBCEC  may have against MANILA BANK for payment of the cost of living allowance under P. D. 1634 and for the unworked regular holidays.

3.  During the forthcoming negotiation for renewal of the existing 1983-1985 CBA, MANILA BANK shall favorably consider the grant of P90.00 per month cost of living allowance to the employees benefited by this Agreement.

Finding the said compromise agreement not contrary to law, morals or public policy, the Court hereby approves the same and renders judgment in accordance therewith.

SO ORDERED.