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Escudero asks Bautista: Issue waiver to open your bank accounts

/ 01:31 PM August 23, 2017


Senator Francis Escudero is asking Commission on Elections (Comelec) chairman Andres Bautista to issue a bank secrecy waiver to allow the Luzon Development Bank to open his accounts.


“Nakikiusap ako kay Chairman Bautista, para magkaroon ng malayang investigation at nang makapagbigay ng angkop na kasagutan at nang parang hindi nagmumukhang may tinatago ang mga banko, na magbigay ng waiver,” Escudero said during Wednesday’s Senate hearing.

The committee on banks and financial institutions, which Escudero chairs, launched a probe on the possible violation of LDB on the anti-money laundering act in connection with Bautista’s alleged ill-gotten wealth.


Bautista’s wife Patricia recently presented to the media several passbooks of Bautista, whom she alleged of having more than P300 million in his different LDB accounts. Bautista admitted having accounts with LDB but he said these only contain less than P300 million.

At the hearing, LDB and the Bangko Sentral ng Pilipinas (BSP) could hardly give information on the depositors accounts in accordance with the bank secrecy law.

Because of this, Escudero asked Bautista to issue a bank secrecy waiver if he would not attend the next hearing on the issue.

The senators agreed to summon Bautista in the hearing next week.

In his earlier interviews, the embattled commissioner, denying the corruption allegations, said he’s willing to submit himself to any investigation.

“If he doesn’t attend I would be more than satisfied if he submits waiver to the bank. Copy furnish the committee so we can all ventilate issues on this case without any worries of violating the bank secrecy law or holding accountable officials and officers of LDB,” he said. JE

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TAGS: Andres Bautista, Bank Account, Comelec, Francis Escudero, Money Laundering, Probe, Senate, wealth
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