Santiago: Don’t open Corona’s accounts

Senator Miriam Defensor-Santiago. INQUIRER FILE PHOTO

Senator Miriam Defensor-Santiago warned of the dangers of prying open Corona’s bank accounts.

At a press conference away from the impeachment court, Santiago said that breaking the Bank Secrecy Law and exposing Corona’s bank accounts in a public trial could spell trouble for the country’s economy.

“The danger I see is that potential bank investors in the Philippines will withdraw their deposits and transfer them to Singapore, which is now beginning to be known as the Switzerland of Asia, because their security procedures are so airtight that there is almost absolute confidentiality about accounts,” Santiago said.

She said the foreign currency law had an absolute prohibition against the disclosure of public records.

“And there is only one exception—that is, when there is consent by the depositor. And clearly there is no consent,” she said.

Santiago has filed a motion in the Senate impeachment court appealing its decision to subpoena bank representatives where Corona is known to keep deposits.

“If we develop this reputation that even the Chief Justice can have his bank accounts opened with a mere allegation without more proof, [it] might already be sufficient to drive away the capital market from our country,” Santiago said. Tarra Quismundo