Why Do Philippine Bank Accounts Have to be So Secret?

AussiPino wrote:

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Unfortunately what you say is true. Eventually the Philippines will have to get out of this bad cycle of things as it industrializes.
Educating the younger generation is the only way to change this. The mindest has got to change for the better. Basic principles and morals has to be instilled into the general population, not just politicians. Politicians are people too and they learn their "principles" and "morals" from somewhere too.
It's not too late to change things for the better.

My friend. For what I can see the philippines well never get out from under mamatay ako for trying it. That well never happen because the CROOKS always get away. Not atleast you don't know that. I belevie each and everyone of us want a better philippines!

AussiPino wrote:

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Yeah. They like to pull Filipinos like me down as well for telling the truth on the issues happening in the Philippines.
Practical common sense, more secular, educated population is needed.

You want educated people, You're looking at Corona! Education don't have nothing to do with it. Because most educated people in the philippines the one doing the blunder. The court house the one suppose to respect the law; But yet they're the one doing the blunder. How can you justified that.
If Corona don't have anything to hide he should give permission to open all his bank account. But truth of the matter is his guilty to the core. As we all can see it already!
In my book his already cook feed him to the dog and the rest of the CROOKS! This is the only way if we want to have a better philippines.

Gloria kawatan wrote:

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My friend. For what I can see the philippines well never get out from under mamatay ako for trying it. That well never happen because the CROOKS always get away. Not atleast you don't know that. I belevie each and everyone of us want a better philippines!

Fellow kababayan. I know things look dim at the moment but I believe things will eventually get better in years to come. The middle class is actually increasing albeit at a slow pace. As the Middle grows, they will demand for a better governance whether the politicans like it or not. The middle class will be better-educated and will have more say in their votes.

That's the key in improving the country. The Middle Class.

Don the American wrote:

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Any deposits over $10,000 is reported. If they want your bank account they have to get a court order to do so. They cannot just look into anyone's account anytime they wish. Do you think the ultra rich Wall Street types the ones that buy our politicians would put up with that?

My friend that is only in the philippines. And look what happpen when they ask permission from the court to open Corona bank account the Court house issue TRO! To protect the crooks.

AussiPino wrote:

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Fellow kababayan. I know things look dim at the moment but I believe things will eventually get better in years to come. The middle class is actually increasing albeit at a slow pace. As the Middle grows, they will demand for a better governance whether the politicans like it or not. The middle class will be better-educated and will have more say in their votes.
That's the key in improving the country. The Middle Class.

My friend: I hope you're right! For the sake of our younger generation....! But, To me I already loss hope. Because I can see whats going on. Just look what is happening on Corona impeachment trial the judiary issue TRO to protect corona. If corona don't have anything to hide he should give permission to open his dollar account. But he didn't instead he run to the court house for his protection.

It means his guilty to the core, Because only the guilty one would do something like that.

Don the American wrote:

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Any deposits over $10,000 is reported. If they want your bank account they have to get a court order to do so. They cannot just look into anyone's account anytime they wish. Do you think the ultra rich Wall Street types the ones that buy our politicians would put up with that?

Anytime a court has legal need to look into my finances, I would be very happily sign the authorization get all my bank records. I have nothing to hide. All taxes due are paid, no dollar salting or smuggling, no devaluing of properties, no money laundering or any of these exciting illegal activities. My financial state is an open book. Hopefully, when a court should want to look into my finances, prosecution and defense can work to balance my check books, something I am hard-pressed to get around to doing by myself.

IF CORONA, DON'T HAVE ANYTHING TO HIDE WHY CAN HE DO THE SAME. Truth of the matter is HIS GUILTY TO THE CORE. If his not why is it his doing everything in his power to stop the impeachment trial against him.

Corona cries ‘inquisition’
‘Senator-judges have lost impartiality’
By Philip C. Tubeza
Philippine Daily Inquirer
12:33 am | Tuesday, February 14th, 2012
3 share10 7
Claiming his impeachment trial has become an “inquisition,” Chief Justice Renato Corona on Monday said the Senate tribunal had “lost the cold neutrality of an impartial judge” with Sen. Franklin Drilon and five other senators acting as partisan prosecutors and urged the Supreme Court to stop the proceedings.
In a 48-page supplementary petition hours after the Senate voted 13-10 to respect a Supreme Court restraining order on the opening of Corona’s dollar accounts, the impeached Chief Justice accused Drilon and Senators Serge Osmeña, Francis Pangilinan, Alan Peter Cayetano and Teofisto Guingona III of violating his right to due process by helping the prosecutors.
“The impeachment court has lost the cold neutrality of an impartial judge, in derogation of the guaranteed rights of CJ Corona,” he said in a petition filed as Drilon again led the attempt by senator-judges to persuade officials of the Philippine Savings Bank on Day 16 of the trial to disclose details of peso deposits over vehement objections of lead defense counsel Serafin Cuevas.
“The proceedings herein have become an inquisition, especially after CJ Corona filed his urgent petition with this honorable court. Hence, without any other plain, speedy or adequate remedy available in law, petitioner respectfully submits this supplemental petition to amplify the impeachment court’s grave abuse of discretion,” Corona said.
Corona said his right to due process was being violated in the impeachment trial “because certain senator-judges have lost the cold neutrality of impartial judges, by acting as prosecutors.”
“Repeatedly, certain senator-judges have caused the production of documents and elicited testimonial admissions, greatly favoring the prosecution. But because the defense counsels are prohibited from objecting to the questions and actuations of senator-judges, CJ Corona is helpless against their tyranny,” Corona said.
The Chief Justice also said the senators were eliciting testimonial admissions favoring the prosecution.
Trial a ‘fishing expedition’
“What is obvious is that the senator-judges allied with President Aquino have allowed, instead of prevented, the prosecution to use these impeachment proceedings as “a fishing expedition” for evidence and to destroy petitioner’s character, integrity and reputation,” Corona said.
“Their actions violate the very nature of due process and the character of an impartial judge. Such abuse of constitutional rights cannot be allowed,” he added.
Corona also branded as “oppressive and blatantly violative” of a citizen’s right to due process Drilon’s opinion that impeachment proceedings did not call for the cold neutrality of an impartial judge.
Corona also branded as “oppressive and blatantly violative” of a citizen’s right to due process Drilon’s opinion that impeachment proceedings did not call for the cold neutrality of an impartial judge.

He noted questions of some senators were “clearly intended to accomplish what the prosecution failed to do.”

In a press statement earlier on Monday, Corona accused President Aquino of committing an impeachable offense when he allegedly urged senators to disobey the Constitution.

He insisted that what wealth he and his wife had was the “fruit of hard and honest work” and that his impeachment trial was a “sham” meant to stop the distribution of Hacienda Luisita, the sprawling sugarcane plantation owned by Mr. Aquino’s family.

“The President has clearly committed an impeachable offense when he came out swinging by openly urging the senator-judges to disobey the Constitution he has personally sworn to uphold,” Corona said.

Alleged Palace bribe

On Sunday, Corona’s lawyers said Executive Secretary Paquito Ochoa, acting on behalf of the President, had offered P100 million in pork barrel funds to senators to defy the Supreme Court’s temporary restraining order (TRO) on the opening of Corona’s dollar accounts—a charge Ochoa has denied.

On Monday, Mr. Aquino in an interview at the Philippine National Police headquarters where he presided over a command conference also denied the defense lawyers’ allegation.“I will not dignify such accusations,” he said.

He stressed the prosecution had other ways of ferreting out Corona’s dollar accounts.

“The point is not that we cannot find the truth,” Mr. Aquino said.“From the substantial discrepancy in the unearthed peso accounts, it looks like they have made their case.”

Last week, Mr. Aquino also deplored the court’s restraining order, saying it was similar to that issued allowing former President Gloria Macapagal-Arroyo to leave the country. The justice department ignored this TRO.

“This impeachment trial is a sham. It is revenge and a shameless attempt to stop the distribution of Hacienda Luisita lands,” Corona said.

Mr. Aquino’s family is seeking in the Supreme Court a P10-billion compensation for the land.

Honest work

Corona insisted that he and his family had enough wealth to start with and that they did nothing wrong while acquiring more assets.

“Throughout my public career, I have never been involved in any anomaly or scandal. Whatever assets my wife and I have acquired are products of 45 years of toil and honest work,” Corona said.

“My wife and I have been privileged to come from families of comfortable means. We grew up never lacking in anything and even enjoyed some luxuries. We earned our academic degrees in some of the best exclusive schools in the country,” he said.

Corona said that he earned several postgraduate degrees, including a master’s degree in Harvard Law School and that their parents “provided well for our future.”

“Family resources continue to be available to us anytime. I had a very successful career in the private sector where I was a top executive before I joined the government. That is public record,” Corona said.

“For the past 40 years, my wife and I lived in a house, which was inherited property, and for that reason never had to pay rent or amortization on our residence. This translated to significant savings over forty years,” he added.

Simple frugal lives

Corona said he and his wife lived “simple and frugal lives since we got married more than 40 years ago, to the point of thriftiness.”

“This contributed to how we have been able to accumulate these assets. Other than our house, which we have lived in for almost 40 years, we have never had any other house,” Corona said.

“I do not spend on vices like smoking, drinking or gambling, and have been completely devoted to my family. My family has always been my priority,” he said.

“It pains me to see my family suffer the reckless abandon of a few who want to paint a different Renato C. Corona. I will not allow a career carefully nurtured and a family lovingly cared for in my lifetime to be tarnished by people in the business of lies and falsehoods,” he added.

Corona said he was determined to “explain everything satisfactorily” when it was the defense’s turn to present its evidence.

“If you look closely at the documents already marked, the explanations are all there. In the meantime, I would like to request the public not to make any hasty conclusions,” Corona said.

“This ‘exposé’ that the prosecution is trying to herald as another ‘bombshell’ will, in due time, be exposed as another dud like the 45 properties they claimed I owned,” he said.

‘I do know my law’

“To the prosecution team, I do know my law. I have not broken any law. I have no liability to the people and to the government,” he added.

Corona said the assets that he and his wife now own were “the fruit of hard and honest work for which all taxes have been fully paid.”

“Since the prosecution alleged wrongdoing, the obligation to prove it is theirs and theirs alone. Do not extract it from me through means that are foul, coercive and illegal because this can only mean one thing: You did not have any iota of evidence against me when you filed the impeachment complaint,” Corona said.

“As to the effort of the prosecution to enlist the assistance of certain patently partisan and inquisitorial senator-judges to help obtain the evidence you are digging up only now, not to mention the ruthless, un-Christian and unrelenting public persecution through trial by publicity against my family and I, I hope the public will see through your schemes,” he said.

“My entire family is now, among others, being harassed by the (Bureau of Internal Revenue). I hope this persecution will never happen to any other official, officer, captain of industry or Juan de la Cruz. I would not wish it on my worst enemy, should I have one.”

Gloria kawatan wrote:

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To those who respect the TRO, ARE IDIOT! IT MEANS THEY'RE RESPECTING ALL THE CROOKS! Now, All the crooks well be laughing all the way to the bank to stash all their STOLEN/GREASE MONEY!
Crystal: You don't even have your own mind. You only copy and paste what other are writting from the newspaper. Duh.....!

Just search for the right information for my curiosity and want to share it to everyone. It's obvious. I fully agree and Thank you for reminding me.(Speaking of TRO, I think they are doing the right thing for the Rule of Law. What would happen if they let them ... then we should not have this Constitutional Law. That's why majority of Filipinos these days never respect the eyes of the Law because then people would transfer their money to other countries and there will be No Philippine Banking System in the Philippines. Look at Switzerland country, all people there don't need to work hard, they re-invested depositors money too and they make money out of foreign people's money. They are smart country.

Secrecy Of Foreign Deposits Absolute – Miriam
By ROLLY T. CARANDANG
February 13, 2012, 8:10pm

MANILA, Philippines — The law on secrecy of foreign currency deposits describes this secrecy to be “absolute,” except only and when depositor consents.

Sen. Miriam Defensor Santiago stressed this Monday as she voted to respect the Supreme Court temporary restraining order (TRO) on the disclosure of the foreign currency deposits of impeached Chief Justice Renato C. Corona.

Congress made this law (secrecy of foreign currency deposits). The lawmakers should not be the lawbreakers, she stated.

Santiago also said the impeachment court is not more supreme than the Supreme Court.

“Obedience to the TRO preserves government stability, while disobedience precipitates a constitutional crisis. If we have a choice between stability and crisis, the wiser choice is always national stability,” said Santiago in her letter to Senate Majority Floor Leader Vicente Sotto III.

Santiago voted to respect the TRO based on the ideology that the impeachment court is not almighty, not absolute, not illimitable, and not more supreme than the SC.

The lady senator said the impeachment court is not authorized to violate the law.

Explaining her vote in the Senate caucus Monday, Santiago said:“In the present impeachment case, it is the Senate which has the last clear chance to avoid a crisis, by obeying the TRO.”

Under the Constitution, Santiago said, the judicial power is vested in the Supreme Court. This judicial power has two components and these are: Justiciable questions, which the Court defines as “actual controversies involving rights which are legally demandable and enforceable”; and political questions, which the Constitution defines as “grave abuse of discretion amounting to lack or excess of jurisdiction.”

She explained that the “political question doctrine” no longer applies under the 1987 Constitution.“Under this discarded doctrine, a court should refuse to decide an issue involving the exercise of discretionary power by the executive or legislative branch of government.”

“Assuming that the power to issue subpoena concerning foreign currency deposits is discretionary with the impeachment court, still the Supreme Court has power over this political question,” added Santiago.

Instead, the lawmakers should, if necessary, amend the law, she further explained.

But when the impeachment court obeys the Supreme Court TRO, Santiago said, this does not mean that one is superior over the other. It merely means that the Constitution is supreme over all branches and agencies of the government.
Santiago clarified, however, that this does not mean that the Supreme Court has the power of judicial review over all constitutional questions. It only means that the SC cannot exercise full judicial review, but it retains the power of the most minimal judicial review. This is a result of the theory of checks and balances, she said.
Santiago also cited two cases wherein the SC ruled that it has the power of judicial review over impeachment cases.
The two cases are: Francisco v. Nagmamalasakit, 415 SCRA 44 (2003) and Gutierrez v. House of Representatives, 643 SCRA 198 (2011).

The Francisco case involved the filing of the second impeachment complaint against Chief Justice Hilario Davide Jr. The Supreme Court ruled:“The Constitution did not leave the matter of impeachment to the sole discretion of Congress – it provided for certain well-defined limits or “judicially discoverable standards” for determining the validity of the exercise of such discretion, through the power of judicial review.”

In the case of former Ombudsman Merceditas Gutierrez, she cited the SC ruling that stated:“The Court finds it well within its power to determine whether public respondent committed a violation of the Constitution or gravely abused its discretion in the exercise of the functions and prerogatives that could translate as lack or excess of jurisdiction, which would force corrective measures from the Court.”

Corona is presumed to have close to P32 million in three peso accounts -- two in PSBank and one in the Bank of the Philippine Islands – in December 2010. Corona only declared P3.5-million cash for the same year.

This alone They can convict Corona! I want to see how crystal: Depend corona. I dare you!

Wooohoooo very good! Crystal will naturally mutter her lame corruption and fraud has always been rampant in the philippines so that's why you shouldn't ever fight against it.

Law breaker wrote:

Corona is presumed to have close to P32 million in three peso accounts -- two in PSBank and one in the Bank of the Philippine Islands – in December 2010. Corona only declared P3.5-million cash for the same year.
This alone They can convict Corona! I want to see how crystal: Depend corona. I dare you!

Corona is guilty as hell!

As government official he is mandated by law to declare ALL his properties cash or otherwise. Did he do it? NO! Did he filed SALN? Yes! BUT was he truthfull about it? A big fat NO! He is deceitful. He deceived the Filipinos,therefore Corona could not be trusted. It's as simple as that!

Ali N Dahaw wrote:

Corona is guilty as hell!
As government official he is mandated by law to declare ALL his properties cash or otherwise. Did he do it? NO! Did he filed SALN? Yes! BUT was he truthfull about it? A big fat NO! He is deceitful. He deceived the Filipinos,therefore Corona could not be trusted. It's as simple as that!

Political cultural change is need. Without this, this cycle of things will continue.

Philippine society needs to get its morals and principles intact. Without that, then fighting corruption will continue to be an unobtainable goal. Nepotism and favoritism must be banned.

Enrile takes responsibility for dollar accounts subpoena
by Ira Pedrasa, ABS-CBNnews.com
Posted at 02/14/2012 3:32 PM | Updated as of 02/14/2012 3:47 PM
Miriam warns prosecution liable for disbarment
MANILA, Philippines (1st UPDATE)- Senate President and Presiding Judge Juan Ponce Enrile has taken full responsibility for issuing a subpoena for a bank document related to one of Chief Justice Renato Corona's alleged dollar accounts, which a Philippine Savings Bank (PSBank) branch manager believes is fake.
"I assume full responsibility for issuing that subpoena and is ready to defend his position if there is a need for that. I will not pass the buck to the Senate sitting as an impeachment court," he said on Tuesday. "I am personally bound to assume the consequences of my action as presiding officer."
Enrile said he is ready in case the defense takes him to any court of law.
Philippine Savings Bank (PSBank) Katipunan branch manager Annabelle Tiongson testified on Monday that the document provided by the prosecution is fake.
The prosecution had claimed the account had an initial deposit of “$700K”, which it interpreted to be $700,000 (around P38 million in October 2008). The prosecution alleged this was not declared in
Corona’s Statements of Assets, Liabilities and Net worth (SALN).
A subpoena was issued in connection with this. However, it became a subject of a dispute among senator-judges since the accounts contain information on foreign currency deposits which are absolutely confidential unless the depositor agrees to disclose the information.
On Monday, the Senate decided to obey the temporary restraining order (TRO) issued by the Supreme Court with a caveat that they will “vigorously” explain before the high court their right to open the bank accounts.
Corona has promised to reveal information about his dollar accounts. His defense lawyers have said it is not a crime to own a dollar account, and that the cash in these accounts are allegedly savings of the Chief Justice before he was appointed to the Supreme Court in 2002.
‘SC has authority’
Enrile said he does not want to delve further into the matter, since it is already a subject of a case before the SC.
“It is my duty as presiding officer of this impeachment court to respect the authority and power of the SC to review acts of this impeachment court in interlocutory matters, meaning matters bearing on the manner on which this court will conduct the trial of this particular impeachment case,” he said.
He agreed that an accused has a right to due process.“The Senate as an impeachment court must at all times observe the rule of law. It cannot transgress any of the applicable provisions of the Bill of Rights. It must be guided by the presumption of innocence before the pronouncement of guilt. It must at all times observe the principle of procedural and substantial due process.”
He noted, however, that even if the SC has the power of judicial review, it can’t step on the impeachment court’s role to try impeachment cases.
“It is in my humble view that the SC, in spite of the fact that it has the power of judicial review, cannot assume jurisdiction over the sole power of the Senate, sitting as an impeachment court, to try and decide this impeachment case,” he said.
Miriam twits prosecution
The senator-judges had asked the defense and prosecution teams to explain if there is a thin line between a warrant of arrest and a subpoena and their effects on the right of a person to due process.
Senator-judge Miriam Defensor Santiago said, however, that the issue was started by the prosecution by attaching a supposed fake document in their request for a subpoena.
“It’s just a scrap of paper, ano’ng pinagsasabi nyo? Why go to court?” she asked, fuming.
She said a lawyer is liable, up to the extent of disbarment, if he brings to court a false document that he did not know of or if he willfully brings to court a fake document.

“It came from an anonymous source, pwede na ba yun…My goodness, if you bring this to trial, you will be cited for contempt,” she said.
She called the document “strange and bizarre.”
She also took note of the prosecution’s statement that the media has also such kind of information.“Kailangan nyo bang hikayatin ang court on the basis of a media account? Is this a government by the media?”
Santiago also lambasted the prosecution’s claim that it was their duty to bring to court such kind of information.“Duty my foot! It’s not your duty, but your liability!”
Santiago later went out of the session hall. She said she was “hyperventilating.”

Thank you!