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BPI, PSBank to honor Senate impeachment court summons

07-Feb-12, 4:14 PM | Joseph Villanueva, InterAksyon.com

InterAksyon.com
The online news portal of TV5

(UPDATE) MANILA, Philippines –  Ayala-led BPI and the thrift unit of Ty-led Metrobank on Tuesday said they would comply with the summons of the Senate impeachment court.

"We received the subpoena in connection with the impeachment trial and we shall appear in the hearing as directed by the Senate impeachment court," said Pascual M. Garcia III, president of Philippine Savings Bank (PSBank) in a statement.
Separately, Bank of the Philippine Islands said it "received the subpoena regarding Chief Justice Renato Corona and our bank representative will attend the hearing as directed by the Senate/Court."
In a subsequent text message, BPI's public relations agent, Veronica Merk, said the decision to send a representative to the ongoing hearing would mean presenting “bank account details as requested” by the impeachment panel.

The Bangko Sentral ng Pilipinas (BSP) earlier said that acceding to a legislative summons is a responsibility borne solely by individual banks.

“It should be a direct order to the banks from the impeachment court. Whether or not they comply is the responsibility of the banks,” Deputy Gov. Juan de Zuniga, who is also BSP legal counsel, said.

Two laws govern disclosure of bank records, Republic Act 1405 or the Bank Secrecy Law, and Republic Act 6426 or the Foreign Currency Deposits Act.

Under Section 2 of RA 1405, all deposits are confidential and these may only be looked into upon the permission of the depositor or in cases of impeachment or order of a competent court in cases of bribery or dereliction of duty of public officials.

Under Section 8 of RA 6426, "all foreign currency deposits authorized under this Act are hereby declared as and considered of an absolutely confidential nature and, except upon the written permission of the depositors, in no instance shall such foreign currency deposits be examined, inquired or looked into by any person, government official, bureau or office whether judicial or administrative or private.”

With a report from Likha Cuevas-Miel