THE MANILA BANKING CORP., PETITIONER, VS. TMBC EMPLOYEES COUNCIL AND THE NATIONAL LABOR RELATIONS COMMISSION, RESPONDENTS.

“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.

Makasiar, (Chairman), Aquino, Concepcion, Jr., Abad Santos, and Cuevas, JJ., concur.