For lack of restitution funds, BSP has no liability to refund sugar producers of losses – SC 0 SHARES Share it! The sugar restitution fund is provided for under Republic Act No. “It highlighted that without the Sugar Restitution Fund, the BSP had no correlative duty to compensate the Ledesma Spouses for their losses. It cited RA 7202 and its IRR, which provide that lending banks are not obligated to compensate sugar producers for their losses. ‘Restitution falls under the BSP, upon the establishment of a Sugar Restitution Fund.’”

Source: Manila Bulletin April 26, 2019 09:00 UTC