Biz group warns of 'bank run' over moves vs CJ
Posted at 02/05/2012 3:05 PM | Updated as of 02/06/2012 1:18 AM
MANILA, Philippines - The Federation of Filipino-Chinese Chambers of Commerce and Industry (FFCCCI) warned of the “extremely high cost” in case the prosecution’s move to request for the bank accounts of Chief Justice Renato Corona is approved.
The FFCCCI warned of a possible bank run, as well as violations of the bank secrecy laws, amid the prosecution’s effort to “fish for evidence” against Corona.
“The members of the FFCCCII are afraid that it might trigger a bank run, just like what happened during the impeachment trial of former President Estrada where massive withdrawals by depositors of then Equitable PCI Bank occurred,” warned the FFCCCII executive, who asked not to be identified.
During the impeachment trial against Estrada, the Senate ordered the opening of bank deposits to prove that Estrada received jueteng money.
The prosecution failed to close on Thursday Article 2 of the impeachment complaint against Corona after failing to get subpoenas from the Senate that it said were relevant to their case.
One of the subpoenas the prosecution is seeking is for the bank documents of Corona in Philippine Savings Bank.
Senate President and Presiding Judge Juan Ponce Enrile said, “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.”
He said the issue touches on Article 2 of the Bill of Rights, which states that 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…”
Chilling effect
“The senator-judges should seriously consider the far-reaching implications of such 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 official said.
“If this kind of exception is allowed, what will prevent other courts from prying on the bank accounts of individuals in the future,” he said.
“The risk of a bank run is extremely high at a time when we can least afford it,” the official added.
The requests will be taken up in caucus on Monday, but the Senate is hard put in issuing such since the issue again touches on the “illegal wealth” clause, which it already struck down earlier.
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Although the PS bank is just
Although the PS bank is just trying to protect its interest, they should proceed with caution. They must have gotten worried when a shun PS Bank tweets and online posts started snow-balling that could possibly spark a bank run and result in bankruptcy. PS Bank is treading on shaky ground and should not give in to the arm-twisting tactics of the prosecution. The businessmen are worried as well since the integrity and soundness of the local banking system is at stake here.
Press Statement from FFCCCII
Press Statement
February 6, 2012
NO FFCCCII STATEMENT ON IMPEACHMENT CASE
The Federation of Filipino-Chinese Chambers of Commerce and Industry, Inc. (FFCCCII) is surprised at the news reports appearing in some dailies today, February 6, 2012, that an official of FFCCCII cautioned the Impeachment Court regarding a request of the prosecution panel to subpoena bank records of Chief Justice Renato Corona.
FFCCCII categorically denies having made any statement relating to the ongoing impeachment trial. The FFCCCII has given its full trust and confidence in the wisdom and fairness of the Senate as an Impeachment Court. Thus, FFCCCII has not made any comment on the on-going proceeding.
DR. FERNANDO GAN
Secretary General
Dpat buksan!
magiging daan ito para maabswelto si CJ corona, pag nagmatch yun SALN at ITR niya sa pera sa bangko hehe
Exactly.
So why fight it diba? Seems like weeks of interviewing witnesses, filing motions, requesting subpoenas, objecting, objecting, objecting could have been avoided if CJ had just said, "Feel free to open up my bank records. I have nothing to hide." Seems like dragging his whole family through the mud could have been avoided if he had just volunteered access to whatever the prosecution needs in order to be convinced that there is no "irregular activity" with regards to his finances? Seems like he decided to subject himself and a boatload of other people to a HUGE inconvenience, considering he is "innocent."
So bakit kailangan itago ang bank records?
This country has a corrupt
This country has a corrupt banking system where ill-gotten money can be deposited without question. In most civilized countries, large deposit has to accompany an official receipt as to how the money was made. If it is an income, a copy of the same receipt goes to the tax department. This is to make sure that this money is accounted for when filing a tax return for the same year. There is no loophole and no money laundering. Our banking system is designed for the corrupt and the criminals.
This country has a corrupt
This country has a corrupt banking system where ill-gotten money can be deposited without question. In most civilized countries, lagre deposits has to accompany an official receipt as how the money was made. It is is an income, a copy of the same receipt goes to the tax department is required. This is to make sure that this money is accounted for when filing a tax return for the same year. There is no loophole and no money laudering. Our banking system is desinged for the corrupt and criminals.
allegations & speculations
puro "DAW" no solid proof. ayan na... nagpahayag na ang banko. at dahil dyan, ang mga taong may pera sa banko ay nagwoworry na. I don't think worth it na i-risk yan. mas malaki ang mawawala kapag may banko na nagsara. hindi yan short-term effects. maraming mawawalan ng trabaho at maraming maabala dahil sa bank run.
Wake up Filipinos!
This is exactly what the corrupt, the greedy want us to do. To turn a blind eye so they can continue their insatiable crime and plunder.
Many countries have anti-money laundering practices in place. This is also how corruption is detected and stopped, by the money trail.
It's time we Filipinos stand up and demand such safeguards. If they have not done anything wrong, then there is nothing to hide.
Amen.
I agree completely.
Wake up Filipinos!
This is exactly what the corrupt, the greedy want us to do. To turn a blind eye so they can continue their insatiable crime and plunder.
Many countries have anti-money laundering practices in place. This is also how corruption is detected and stopped, by the money trail.
It's time we Filipinos stand up and demand such safeguards. if they have not done anything wrong, then there is nothing to hide.