BDO: Junjun Binay’s deposits not out of the ordinary | Inquirer News

BDO: Junjun Binay’s deposits not out of the ordinary

By: - Business Features Editor / @philbizwatcher
/ 05:06 AM May 23, 2015

Mayor Jejomar Erwin “Junjun” Binay  INQUIRER FILE PHOTO

Mayor Jejomar Erwin “Junjun” Binay. INQUIRER FILE PHOTO

Banco de Oro Unibank has refused to comment on its banking relationship with Makati City Mayor Junjun Binay but assured the public that there was nothing extraordinary about any of the politician’s transactions with the bank.

“We cannot disclose details of client transactions with the bank,” BDO said in a press statement on Friday.

Article continues after this advertisement

Bank secrecy provisions prevent banks from disclosing details of their client transactions.

FEATURED STORIES

“We assure our stakeholders that the terms and conditions are standard and not out of the ordinary, and that we are adequately protected from potential default,” BDO said.

It was earlier reported that the son of the Vice President Jejomar Binay—one of the contenders for next year’s presidential elections—held deposits in various banks that were not commensurate to declared income in his statement of assets, liabilities and net worth, based on an Anti-Money Laundering Council (AMLC) report to the Court of Appeals.

Article continues after this advertisement

The AMLC said Binay had availed of a P25-million loan on Dec. 28, 2011, from BDO, which he renewed monthly 25 times.

BDO, which is led by the family of Chinese-Filipino tycoon Henry Sy, is the country’s largest bank with assets exceeding P1 trillion. Total deposits amounted to P1.5 trillion as of end-March.

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

TAGS: AMLC, Court of Appeals, Junjun Binay, Mayor Binay

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our newsletter!

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

© Copyright 1997-2024 INQUIRER.net | All Rights Reserved

This is an information message

We use cookies to enhance your experience. By continuing, you agree to our use of cookies. Learn more here.