THE biggest group of Filipino and Chinese businessmen in the Philippines has warned the Senate impeachment court to think twice before it decides to allow the opening of bank records of Chief Justice Renato Corona because it may lead to a bank run and loss of trust in the banking system.

The Federation of Filipino-Chinese Chambers of Commerce and Industry Inc. (FFCCCII) over the weekend asked senators to exercise caution before granting the request of the House prosecution to subpoena the bank documents of the Chief Justice.

According to an FFCCCII official who talked to The Manila Times on condition of anonymity, opening Corona’s bank accounts will destroy the trust in the banking system in the country.

Such act will not only destroy the existing bank secrecy law but it may trigger a bank run because many traders and other depositors will withdraw their bank accounts.

“The senator-judges should seriously consider the far-reaching implications of such a decision. If the bank accounts are subpoenaed on mere suspicion that they are part of the ill-gotten wealth of the

Chief Justice, it would certainly send a chilling effect to businessmen and entrepreneurs and would have dire implication to the country’s economy,” the FFCCCII official said.

Currently, the FFCCCII has a network of 170 member-organizations all over the Philippines.

“The members of the FFCCCII are afraid that it might trigger a bank run, just like what happened during the impeachment trial of [then-]President Estrada where massive withdrawals by depositors of the Equitable PCI Bank occurred,” the official added.

Since an impeachment case is an exception to the Bank Secrecy Law, such exception would destroy the trust of the traders in the banking industry in the Philippines.

“If this kind of exception is allowed, what will prevent other courts from prying into the bank accounts of individuals in the future?” the official asked.

“The risk of a bank run is extremely high at a time when we can least afford it,” sources who have been monitoring the trial said.

The Senate has junked the presentation of evidence in connection with Item 2.4 of Article 2 of the

impeachment complaint, which accused the Chief Justice of acquiring ill-gotten wealth.

Miriam fearful
Sen. Miriam Defensor-Santiago on Sunday agreed with the observation of businessmen and reminded her colleagues to be cautious in granting the prosecutors’ request.

The feisty senator expressed fear of possible implications to the banking industry and the bank secrecy law if the Senate, sitting as an impeachment court, approves the request of the prosecution team.

The prosecution’s request to subpoena the bank documents of the Chief Justice, including supposed dollar accounts, in two local banks will be the top agenda in today’s caucus of the senators.

The House prosecution panel earlier asked the impeachment court to summon officials of Philippine Savings Bank (PSBank) and Bank of the Philippine Islands (BPI) for the production of the bank records of Corona and his wife Cristina without specifying which accounts it was referring to.

Corona’s legal counsels expressed their strong opposition to the prosecutor’s request, saying that the bank accounts do not figure at all in Article II of the Verified Impeachment Complaint against the Chief Justice.

In last week’s impeachment proceedings, Senate President Juan Ponce Enrile, presiding officer of the impeachment court, did not act on the request of the prosecutors because their request had no basis.

“The reason I could not decide was because you have to lay the basis first. You must have some semblance of evidence for your request. We can’t just subpoena anybody unless you indicate the relevance,” Enrile told the prosecutors.

He cited Article 2 of the Bill of Rights, which states, “The right of the people to be secure in their persons, houses, papers and effects against unreasonable searches and seizures of whatever nature and for any purpose shall be inviolable.”

The Senate chief’s move was supported by Santiago, who said that they have to carefully study their decision to prevent any implications to the banking industry.

“We senators should think very carefully about whether we shall continue to support the law on the secrecy of bank deposits, or grant an exception at an impeachment trial,” she added.

Santiago said that the Senate deciding to grant the request of the prosecution might sow fear among businessmen and bankers because other exceptions might be allowed in the future.