Trillanes: Senate no threat to bank secrecy

Sunday, February 12, 2012

MANILA -- Banks and their depositors need not fear for their privacy over a subpoena that the Senate issued for impeached Chief Justice Renato Corona last Monday, a senator-judge said Sunday.

In a statement, Senator Antonio Trillanes IV said investors, corporations, and private individuals cannot be subjects of the subpoenae issued by the Senate impeachment court to the Bank of the Philippine Islands (BPI) and Philippine Savings Bank (PSBank) since most cannot be subject to impeachment proceedings.

"In the first place, the exception to Bank and Foreign Currency Deposit secrecy laws can only be used against impeachable officials and in impeachment cases," he said.

The Senate, last Monday, issued a subpoena to the two banks for Corona's bank records. The Bank Secrecy Law allows opening bank records without permission "in cases of impeachment, or upon order of a competent court in cases of bribery or dereliction of duty of public officials, or in cases where the money deposited or invested is the subject matter of litigation." The defense panel has said, however, that just because Corona is subject to an impeachment case does not mean his bank records should be looked into.

The Senate has also ruled that the impeachment proceedings are enough justification to exempt Corona's dollar accounts with PSBank. The bank petitioned the Supreme Court for an injunction saying disclosing Corona's records without his written consent could expose bank employees to charges. Despite this, the Supreme Court issued a temporary restraining order on PSBank.

In its ruling on the prosecution's request for subpoena, the Senate said the confidentiality of bank records is still the general rule and does not mean to overturn public policy on bank secrecy.

Lawyer Karen Jimeno, defense spokesperson, said Friday that Corona does have dollar accounts and that these were savings from before he became Chief Justice. The prosecution has been arguing Article II of the impeachment complaint, which accuses him of failing to disclose his net worth. They have said Statements of Assets, Liabilities, and Net Worth that Corona filed with the Supreme Court clerk of court do not accurately reflect his assets.

The Senate is meeting on Monday to discuss its stand on the TRO.

Trillanes, who was granted amnesty in 2011 over his involvement in mutinies against the Arroyo administration, is seen as friendly to Malacañang. (Jonathan de Santos/Sunnex)