MANILA, Philippines - Philippine Savings Bank (PSBank) said Friday it wanted to comply with the Senate impeachment court's order to disclose information relating to Chief Justice Renato Corona's dollar accounts, but did not do so for fear of criminal liability.

PSBank said its bank officers and personnel may be held liable for violating Republic Act 6426 or the Foreign Currency Deposits Act if they submitted documents on Corona's dollar bank accounts. It added that under the Manual of Regulations on Foreign Exchange Transactions, the central bank could also suspend or revoke its license to accept such deposits if they broke the law.

"The bank had all intentions to fully cooperate and comply with the subpoena but was prevented from doing so because of the existing law," PSBank said.

The Senate impeachment court earlier allowed the opening of the peso and dollar accounts of Corona in relation to the charge of the House impeachment panel that the chief justice failed to truthfully disclose his assets, including bank deposits and investments, in his statements of assets, liabilities and net worth.
 
But PSBank President Pascual Garcia III only produced the peso accounts in the trial this week, invoking absolute confidentiality of the foreign currency accounts of the chief justice.

The Supreme Court has issued a temporary restraining order, barring the bank from complying with the Senate's subpoena saying the impeachment process did not justify it.

Section 8 of RA 6426 reads: "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 depositor, in no instance shall foreign currency deposits be examined, inquired or looked into by any person, government official, bureau or office whether judicial or administrative or legislative, or any other entity whether public or private."

Unlike RA 1405 or the Bank Secrecy Act, which provides for several exemptions in disclosing bank account details such as "upon written permission of the depositor, or in cases of impeachment, or upon order of a competent court in cases of bribery or dereliction of duty of public officials." RA 6426 provides only one exemption, which is the written consent of the depositor.