PSB’s Garcia stands firm;
won’t disclose dollar accounts

PHILIPPINE SAVINGS BANK President Pascual Garcia III stood his ground against threats from the Senator-Judges to have him cited for contempt for refusing to disclose the contents of dollar accounts allegedly belonging to Supreme Court Chief Justice Renato Corona.

On the 15th day of the impeachment trial at the Senate, Senator-Judge Allan Peter Cayetano asked Pascual a direct question: if the Supreme Court does not issue a temporary restraining order against the Impeachment Court by next week, would Pascual finally bring documents relating to the five dollar accounts allegedly owned by Corona now deposited with the PSB.

Pascual categorically said he would still not bring the documents, for fear of violating the Foreign Currency Deposits Act.

“I will not testify because I will be violating the law,” Pascual said. “I will not comment on any dollar deposit account.”

Pascual has been under pressure since he first appeared before the Impeachment Court on Wednesday to bring documents relating to the dollar accounts. The Senate had ordered the bank to bring documents relating to ten accounts allegedly owned by Corona now deposited in PSBank.

However, Pascual has only agreed to submit and show five peso accounts under the name of Corona. Pascual insists that the Foreign Currency Deposits Act does not provide for any exceptions to the rule on bank secrecy, unlike peso accounts which may be accessed on orders of a regular court or an impeachment court.

Pascual said the only way anyone could peek into the foreign currency accounts is if the depositor agrees to release the information.

“If a depositor gives his consent, we will disclose,” Pascual said.

For his part, Cayetano told Pascual that the Senate Impeachment Court had already debated extensively on the matter, and ruled that the Impeachment Court could order the release of information of any account, including a foreign currency deposit account.