6. Procopio owns the controlling interest in Ginto Bank (GB). Due to the promising potential of lending with real estate collateral, the bank is primarily focused on said transactions. After the Bangko Sentral ng Pilipinas (BSP) conducted its examination of GB, the bank was placed under receivership due to illiquidity, as well as unsafe and unsound banking practices. Procopio contends that the actions of the BSP were arbitrary and denied GB its right to due process. He said that GB should have been given due notice and prior hearing, where the bank could have explained the reasons for its illiquidity. Is the contention of Procopio correct? Explain your answer.