Lawmaker favors High Court decision on Corona dollar accounts

Monday, February 13, 2012

A RANKING legislator in the House of Representatives has favored the Supreme Court (SC) when it issued an order restraining the Senate impeachment court on examining the foreign currency deposits of impeached Chief Justice Renato Corona.

House chair of committee on banks and financial intermediaries and Representative Sergio Apostol (Leyte, second district) said the High Tribunal made the right decision of stopping the Senate to require the officials of Philippine Savings Bank (PSBank) to release any information regarding the five foreign deposits of Corona.

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He said the court order is consequential to the country’s economy.

Apostol, who is not a signatory to the articles of impeachment but has earlier expressed a strong support to remove the Chief Justice from the judicial post, said there is nothing wrong with the temporary restraining order (TRO) despite oppositions from his colleagues in the prosecution panel.

The stand of the prosecution is backed by President Benigno Aquino III and some senator-judges.

“It’s good that they issued a TRO because it is to protect our banking institution and economy of the country. This is in accordance with the law,” he said, referring to Republic Act (RA) 6426, or the existing Foreign Currency Deposit Act.

The law specifically states that all foreign currency deposits are absolutely confidential in nature, and except upon the written permission of the depositor, such deposits cannot be examined or looked into by any person, including government official or any other entity whether public or private.

“In case the disclosure happens, what do you think will be the outcome? Businessmen and other persons who have dollar accounts might withdraw their deposits and prefer to keep that to other countries. Most, if not all, of our banks here will certainly be drained,” Apostol said.

He said even overseas Filipino workers (OFW) who are earning dollars with deposits in local banks are protected under the law.

“I believe they (prosecutors) only insist to open the dollar accounts of Corona because of their resentment against him. They even dared the business sector,” he pointed out.

While a pending bill has been filed a day after the Supreme Court prohibited the Senate from touching the foreign currency deposits of Corona, the Leyte legislator said he has yet to receive the copy of said bill that he expects will be under his committee’s scrutiny.

This, after ACT Teachers party-list Representative Antonio Tinio filed a bill amending RA 6426 to specifically provide some exceptions allowing foreign deposits to be publicly examined. (Leyte Samar Daily Express)