PSBank seeks SC TRO vs subpoena for Corona records


Posted at Feb 08 2012 11:44 AM | Updated as of Feb 09 2012 03:30 AM

MANILA, Philippines (2nd UPDATE) - Philippine Savings Bank is asking the Supreme Court to issue a temporary restraining order against the Senate impeachment court subpoena for Chief Justice Renato Corona's bank records.

In a 30-page petition for certiorari and prohibition, PSBank is asking the Supreme Court to issue a TRO against the Senate impeachment court from implementing the subpoena for Corona's bank accounts.

A statement from the bank read: "Philippine Savings Bank (PSBank) filed a Temporary Restraining Order (TRO) with the Supreme Court earlier today to clarify provisions under RA 6426 or the Foreign Currency Deposit Act of the Philippines."
"PSBank will still appear in the Senate impeachment court as directed," it added.

The bank is asking the SC to issue a writ of preliminary injunction against the Senate and nullify the portion of the subpoena requiring a PSBank representative to testify and bring original and certified true copies of alleged opening documents for 5 foreign currency bank accounts of Corona.

The bank said the subpoena violates Republic Act 6426 or the Foreign Currency Deposits Act, which states that there is confidentiality as far as foreign bank deposits are concerned and only the depositor can authorize opening of the bank records.

The bank said the Senate impeachment court committed "grave abuse of discretion" when it asked the bank to release Corona's bank records.

It said the bank will incur criminal liability for violating RA 6426 and risk being suspended by the Central Bank from accepting new foreign currency deposits if it grants the subpoena.

On Monday, the impeachment court said “it has taken due notice of the fact that the SC has in several decisions relaxed the rule in the absolute confidential nature of bank deposits even foreign currency deposit accounts.”

The bank managers of PSBank, including those from Bank of Philippine Islands, were required to appear today at 2:00 p.m. With reports from Ina Reformina, ABS-CBN News; and Ira Pedrasa,