PSBank exec fails to bring CJ dollar accounts
MANILA, Philippines (UPDATE) - The Senate, sitting as an impeachment court, has ordered Philippine Savings Bank President Pascual Garcia to explain why he should not be cited in contempt for not bringing the dollar bank accounts of Chief Justice Renato Corona.
Senator-judge Franklin Drilon made the proposal after Garcia revealed not bringing records of Corona's 5 dollar accounts.
Asked why he didn't bring the documents, Garcia said he could be criminally liable under Republic Act 6426 or the Foreign Currency Deposit Act. Under the law, a disclosure of foreign currency bank accounts can only be made upon written permission from the depositor.
Senator-judge Joker Arroyo, meanwhile, noted that his colleagues "seem to be in a hurry to crucify this witness."
“Here is a witness who came here in obedience to our subpoena...Look at this witness, is he acting in bad faith?”
He did not say whether his manifestation was an objection of sorts, saying: “The moment you speak here and you say something which might favor the respondent, you are pro-Corona. That is the problem, but I have to say it because we have at all times to observe the rights enshrined in the Bill of Rights. Every second of it can be availed of, whether a person is good or bad can avail of it.”
Supreme Court
Garcia said he appeared, instead of the branch manager required in the subpoena, to assume the liabilities that may arise from the incident. “I, as President, has personally come, out of respect of the bank to the court and the importance of the proceedings.”
He said he owes it to the 2,693 employees of PSBank who are liable to their 600,000 depositors.
This, despite a petition this morning before the Supreme Court seeking a halt order on the impeachment body’s subpoenas.
What he revealed, instead, were information on five peso bank accounts that were subpoenaed too by the Senate.
Of the five peso accounts, however, only 2 were considered existing, at most until December 31, 2010.
The account 089-1210211681 had an end balance of P7,148,238.83 as of December 31, 2010.
Account 089-121019593 had an existing end balance of P8,500,000.00 as of December 31, 2009. As of December 31, 2010, the end balance showed P12,580,316.56.
Senate President Juan Ponce Enrile earlier asked the prosecution why they included several accounts that did not exist. “This presiding officer was the one who signed the subpoena. Where did you base your subpoena request which included unopened accounts? How did these accounts invent [themselves] to be presented on a request of the prosecution?”
Before private prosecutor Demetrio Custodio could answer, however, senator-judge Franklin Drilon took the floor and asked the circumstances behind account 089-1210211681.
After presenting the peso bank accounts, Garcia was asked by Custodio why he did not bring information on the other dollar accounts.
Custodio noted that the prosecution’s witness “failed to comply with the subpoena, and we invoke [that the Senate] take appropriate measures to enforce obedience.”
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How about you are liable to all Filipinos here and abroad?
Filipinos all over the world boycott PSBank! By the way, if you cannot show Corona's account, how about the interest earned of his account are you not supposed to submit to the tax office? it should be taxed as his earnings right? are you cheating the tax department (funny) Rotten rotten of doing business as usual.
Did PSBank violate AMLA rules?
There is an Anti-Money Laundering Act (AMLA) that all the banks are supposed to follow, otherwise they themselves are subject to penalties and sanctions.
Did PSBank report the questionable deposits of Corona? He could not have deposited the large amounts without being covered by the AMLA, which are:
Covered transactions are single transactions in cash or other equivalent monetary instrument involving a total amount in excess of Five Hundred Thousand (P500,000) Pesos within one (1) banking day
-there is no underlying legal/trade obligation, purpose or economic justification; the client is not properly identified;
-the amount involved is not commensurate with the business or financial capacity of the client;
-there is a deviation from the client’s profile/past transactions;
So, did PSBank exercise its functions as required, or did it violate the AMLA and "accommodated" Corona? The Senate should look into this.
Dollar accounts Corona's second envelope
Don't anyone even think of not opening Corona's dollar accounts unless they want to invite the wrath of the people. PS Bank, be careful. We're watching your every move!
Bank Run???
Kung nag-aalala ang PS bank sa Bank run kapag nabuksan ang account ng Cheap justice mas mag-alala kayo kapag di ninyo inilabas, dahil mawawalan na ang tiwala sa inyo ang mga depositors,may itinatago kayong pera ng kawatan.
Hindi ko lang maubos maisip, kung hindi kay Corona iyan, ay bakit ayaw ilabas? Kung wala namang itinatago, ay bakit panay ang pag tutol sa mga ebidensya? Kung malinis talaga ang nasasakdal na panay ang novena at pahikbi hikbi pa sa camera, ay bakit tila hindi mapakali sa mga ebidensyang inilalatag? Hmmmmmm.. at hmmmm pa...
Teka makapag-isip na kung patuloy akong magdedeposito sa bank na ipinagtatangol ang kawatan... Hmmmm.....
PS bank Thief Justice Bank
PS Bank Preferred Bank of the Thief Justice
Thieves, it's more fun in PS BANK...
$$$ bank accounts ni Corona
May pahintulot si Corona na buksan natin ang kanyang $$$ bank accounts. Bago magsimula ang hearing ang wika ni Corona, “I’ll execute a deed of donation. If they can show my properties, I’ll just give it to them." Ngayon po ay lumalabas na may properties si Corona in the form of $$$ bank accounts bakit di po natin busisiin ito? Binigyan na po tayo ng pahintulot ni Corona na kung mapapatunayan natin na may iba pa siyang ari-arian ay atin na ito. Wala na pong makakapigil sa pagbukas ng mga $$$ accounts ni Corona. Magkano kaya ang laman nito? Mind you, maski po iyong Swiss numbered account ay puwedeng buksan.
CORONA LOOKS LIKE MARCOS
THE FACE OF CORONA LOOKS LIKE THE CORRUPT PRESIDENT MARCOS!!
PAG AYAW IPAKITA MAY TINATAGO!!
PAG AYAW IPAKITA MAY TINATAGO!! WAG NA TAYONG MAGLOKOHAN!!! ILABAS NA ANG NAKAW NA DOLLAR ACCOUNT!!!
JOKER ARROYO IS ONE OF THOSE BICOLANO'S POLITICIAN WHO ARE PROUD TO BE CALLED BICOLANOS BUT NEVER HELP THE BICOL REGION!!! SHAME ON YOU!!! ANOTHER ONE IS EDCEL LAGMAN WHO TALKS A LOT AND COMMENT A LOT BUT LOOK HIS DISTRICT IN ALBAY!!!! THEY BELONG TO THE POOREST DISTRICT!!! SHAME SHAME SHAME!!!
Joker Arroyo is a joke.
Joker Arroyo is a joke. Charge Pascual Garcia of contempt and be done with it. Banks in this country are also corrupt.
No to the bank/s of the corrupt!
PSBank’s stance of aligning itself with those who do not want the truth to come out is leaving a bad taste in the mouth.
Does corona have a dollar account and how much is in it? That simple.
Remember the erap impeachment trial in the past.
The Filipino people are after the truth and let no one underestimate that.
As the overwhelming majority of the Filipino people support the crusade against corruption and its’ agents and proponents…
And what with the smorgasbord of reputable banks out there I am ready to withdraw my money and take my business elsewhere…
I’ll never deal with a bank that is a haven (ie protector) of corrupt government official’s stashed wealth.
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