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

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.

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

“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.

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.