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Madonna, a valued client of Z Bank, who lives in San Juan City, loaned from the latter the amount

of P10,000,000.00 which was secured by a real estate mortgage (REM) of her 100 sq.m lot located
in Tagaytay. A contract was stipulated for such loan to which it also includes the manner of
payment (cash or check), where to pay, number of installments, amount of monthly dues, the
interest rate of 6% per annum, and a penalty clause of 1% per day. However, no place of suit was
indicated on the said contract.
I. FACTS
Madonna, a valued client of Z Bank, who lives in San Juan City, loaned from the latter the amount
of P10,000,000.00 which was secured by a real estate mortgage (REM) of her 100 sq.m lot located
in Tagaytay. A contract was stipulated for such loan to which it also includes the manner of
payment (cash or check), where to pay, number of installments, amount of monthly dues, the
interest rate of 6% per annum, and a penalty clause of 1% per day. However, no place of suit was
indicated on the said contract.
I. FACTS
Madonna, a valued client of Z Bank, who lives in San Juan City, loaned from the latter the amount
of P10,000,000.00 which was secured by a real estate mortgage (REM) of her 100 sq.m lot located
in Tagaytay. A contract was stipulated for such loan to which it also includes the manner of
payment (cash or check), where to pay, number of installments, amount of monthly dues, the
interest rate of 6% per annum, and a penalty clause of 1% per day. However, no place of suit was
indicated on the said contract.
I. FACTS
Madonna, a valued client of Z Bank, who lives in San Juan City, loaned from the latter the amount
of P10,000,000.00 which was secured by a real estate mortgage (REM) of her 100 sq.m lot located
in Tagaytay. A contract was stipulated for such loan to which it also includes the manner of
payment (cash or check), where to pay, number of installments, amount of monthly dues, the
interest rate of 6% per annum, and a penalty clause of 1% per day. However, no place of suit was
indicated on the said contract.