Siain loaned money from Cupertino Realty worth 37M and executed a real estate mortgage of 2

parcels of land and equipment and machines in exchange. 2 days after, they executed an
amendment saying there will be a 17% interest/ annum which was signed by Cua Le Leng and
Wilfredo Cua on behalf of Siain and Cupertino. On April 16, 1995 (4 days after the 17%
amendment), Cua Le Leng signed a 2nd promissory note (worth 160M – so total utang is 197M
na) as maker and liable in her personal capacity. Later, Siain said Cupertino did not release the
160M and demanded for it. Cupertino said they already released the money (to its affiliates
Yuyek Manufacturing Corporation, Siain Transport, Inc., Cua Leleng and Alberto Lim) and
when Siain didn’t pay the loan, Cupertino foreclosed on the mortgage. Issue: Whether the
doctrine of “piercing the veil of corporate fiction” applies – YES. The Court said that even
though the transactions were to other people/companies, these were alter-egos of the company
and the RTC validly applied the doctrine of piercing the veil of corporate fiction.