PSBank asks SC to stop release of documents

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PS Bank says release of bank details will create 'chilling' effect'

MANILA, Philippines – The Philippine Savings Bank (PS Bank) and its president on Wednesday, February 8, asked the Supreme Court to stop the Senate impeachment court from ordering them to release the alleged dollar accounts of Chief Justice Renato Corona.

In a petition for a temporary restraining order (TRO), PS Bank and its president, Pascual Garcia III, said the release of the alleged bank accounts will violate existing privacy laws concerning foreign currency accounts.

Garcia said that the subpoena that they received from the impeachment court, if granted, would cause loss of income on the part of the bank and create a chilling effect on the whole banking industry.

Foreign depositors may be alarmed by the “arbitrary and whimsical” move of the impeachment court, according to the petitioners.

The PS Bank has been ordered by the impeachment court to present the alleged Corona documents on Wednesday and for its officials to testify on them.

Aside from the PS Bank, the Bank of the Philippine Islands has also been asked by the impeachment court to present the alleged Corona accounts.

In its request for subpoenas for PS Bank and BPI, which the impeachment court granted on February 6, the prosecution alleged that Corona appears to have deposited US$700,000 in 2008 in PS Bank.

Day 14 of the impeachment trial resumes on Wednesday, February 8. –

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