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PSBank cites bank secrecy law

Philippine Savings Bank (PSBank), the thrift banking arm of the Metrobank group, said on Wednesday it was required by law to keep confidential all client accounts under its foreign currency deposit unit (FCDU).

An FCDU is a banking unit authorized to transact in foreign exchange, such as accepting foreign currency deposits and making foreign currency loans.

The bank issued the statement in response to reports about an alleged secret US dollar account kept in PSBank by Chief Justice Renato Corona, who is on trial at the Senate impeachment court.

PSBank president Pascual Garcia III said the public must be reminded of the provision in the Foreign Currency Deposit Act of the Philippines (Republic Act No. 6426), specifically Section 8 (Secrecy of Foreign Currency Deposits).

The provision says: “All foreign currency deposits authorized under this Act are hereby declared as and considered of an absolutely confidential nature and, except upon the written permission of the depositors, in no instance shall such foreign currency deposits be examined, inquired or looked into by any person, government official, bureau or office whether judicial or administrative or private.”

“Therefore, any inquiry on any dollar deposit account by any party is a violation of this law,” Garcia said. Doris C. Dumlao

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Tags: Bank Secrecy Law , Banking , Corona Impeachment , PSBank , Renato Corona

  • http://pulse.yahoo.com/_OHOD5EA75DBBUH53UKLRXRK764 Mang Teban

    Who has greater right to information – the client of the bank or the People of the Republic of the Philippines?

    It would seem that the law on the confidentiality of foreign currency accounts was meant to protect the owner of the FCDU account from unauthorized disclosure as when the information is leaked without the client knowing about it.

    But, when the bank is subpoenaed to present the information to the impeachment court, it is my understanding that the law on confidentiality is subject to the higher interest of the nation. How will anyone know if the respondent is hiding ill-gotten wealth?

    Is the Philippines a safe haven for corrupt people who hide foreign currency in Philippine banks such as the Philippine Savings Bank (PSB)?

    If again the defense for Corona will say about violation of his human rights, then what can prevent  criminal syndicates including terrorist networks to place US dollars in PSBank without being detected because of two legal obstacles – secrecy law and the overused defense of “human rights”?

    • http://pulse.yahoo.com/_GUZISWUMVDD5QJUC7GBJKEM7XA prangka

      Amend the law and not to force law onto our own hands. 

    • http://www.facebook.com/janice.subida Janice Subida

      Kaya ganyan ang batas natin kasi karamihan sa mga congressmen at mga senator na gumagawa ng batas natin e gusto ng mapagtataguan ng pera.

      Ang dapat mangyari e mapalitan ng matitinong tao ang congress at palitan ang batas na yan.

  • http://pulse.yahoo.com/_NTD5NB75GZFZ2F4NZNMIBNYBQQ Diesel

    i guess that law is to protect the corrupt officials also…

  • Loggnat

    ‘REPUBLIC ACT NO. 9160 – Sec. 2. Declaration of Policy. – It is hereby declared the policy of the State to protect and preserve the integrity and confidentiality of bank accounts and to ensure that the Philippines shall not be used as a money laundering site for the proceeds of any unlawful activity.’ Here is one way of accessing any bank account in the Phil. bank. If the individual is under investigation and/or charge of money laundering, his/her bank account can be opened and checked by the Anti-Money Laundering Council (AMLC). Two of the unlawful activity are as follows: 3) Section 3 paragraphs B, C, E, G, H and I of Republic Act No. 3019, as amended, otherwise known as the Anti-Graft and Corrupt Practices Act.
    (4) Plunder under Republic Act No. 7080, as amended.

  • PikonNaKami

    The best way to deal with PSBank and MetroBank is to hit them where it hurts.  I will close my accounts today. The money in my accounts will not make a dent in their financial standing but I least I can sleep well at night knowing that my measly yet hard earned savings are not mixed with corrupt and dirty money.

  • http://pulse.yahoo.com/_JQBHSHS22G65Z6V5Z64XBRCIZQ simon

    naku, dapat copy paste na lang sana iyong republic act,,, but anyway batas lang iyan na maaaring may batas na panguntra diyan..eh ito si CORONA saligang batas hindi sinusunod.. okay kunwari pa kayo mga BANKO,,, gusto ninyo may kaso para ma freeze,,,tapos inyo na,,, tingnan mo PERA  ni MARCOS.

  • http://pulse.yahoo.com/_4M77BVMNL7QPLQBYKGUSOK5PLM Xwcd Cxw

    sino ba ang gumagawa ng batas, hindi ba mga congressmen? sila ang sisihin nyo sa batas na yan. 

    hindi kasalanan ng PSBank at ni CJ na may ganyang batas.

    • reydan impostor

       simple lang yan.. yan ang ginagawa kc nila para makalusot sa mga pangungurakot…

  • thiefjustice

    basta ako naka withdraw na sa PSBank. mahirap na. 

  • vestrevistal

    Invoking the FCDU rule only confirms the suspicion that corona has deposits in foreign currency as well. How did he earned it when all his life he works for the Phil. gov’t? The court should issue a subpoena to the bank, the FCDU policy has to yield to the constitutional provision  that the bank secrecy law can be waived in the interest of justice. Erap’s trial confirmed this, that is if the impeachment court is interested to unravel the whole truth.

  • motorcyclemama

    Kung wala talagang itinatago, Corona, bigyan mo na ng permission na makita ang dollar account mo!

  • goldilock

    Obstruction of Justice tool. Act 6425 sec. 8. Very useful for robbers, money launderers, extortions, ransoms, and many more. No wonder Philippine criminals prosper.

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