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Likewise, in China Banking Corporation v. Court of Appeals,8 decided in 2006, the Court impeachment, or upon order of a competent court in cases of bribery or dereliction
declared: of duty of public officials, or in cases where the money deposited or invested is the
subject matter of the litigation. (Emphasis supplied)
It must be remembered that under the whereas clause of Presidential Decree No.
1246 which amended Sec. 8 of Republic Act No. 6426, the Foreign Currency Under Section 2 of RA No. 1405, all deposits of whatever nature with banks xxx may be
Deposit System including the Offshore Banking System under Presidential examined, inquired or looked into xxx in cases of impeachment. Thus, there is no question
Decree 1034 were intended to draw deposits from foreign lenders and investors, that the impeachment court can pry open the foreign currency accounts of impeachable
and we quote: officers.
Whereas, in order to assure the development and speedy growth of the Foreign There is even a more compelling legal ground why the foreign currency accounts in question
Currency Deposit System and the Offshore Banking System in the Philippines, are not confidential. Section 8 of RA No. 6713, as amended, mandates the disclosure of the
certain incentives were provided for under the two Systems such as confidentiality assets of government officials and employees who have an obligation to disclose their assets.
of deposits subject to certain exceptions and tax exemptions on the interest income Moreover, Section 8 expressly states that the public has the right to know the assets of
of depositors who are nonresidents and are not engaged in trade or business in the government officials and employees. Section 8 of RA No. 6713 provides:
Philippines;
Sec. 8. Statements and Disclosure. Public officials and employees have an
Whereas, making absolute the protective cloak of confidentiality over such foreign obligation to accomplish and submit declarations under oath of, and the public has
currency deposits, exempting such deposits from tax, and guaranteeing the vested the right to know, the assets, liabilities, net worth and financial and business
rights of depositors would better encourage the inflow of foreign currency deposits interests including those of their spouses and of unmarried children under eighteen
into the banking institutions authorized to accept such deposits in the Philippines (18) years of age and living in their households. (Emphasis supplied)
thereby placing such institutions more in a position to properly channel the same to
loans and investments in the Philippines, thus directly contributing to the economic Thus, government officials and employees have the obligation to disclose their assets to the
development of the country. (Emphasis supplied) public, and the public has the right to know the assets of government officials and employees.
This obligation of government officials and employees to disclose all their assets is absolute
Thus, in China Banking Corporation, the Court again stressed that the Foreign Currency and has no exception. The right of the public to know the assets of government officials and
Deposit System including the Offshore Banking System under Presidential Decree 1034 employees is also absolute and has no exception.
were intended to draw deposits from foreign lenders and investors.
What the majority has ruled is that government officials and employees have no obligation
Even GSIS v. Court of Appeals,9 decided in 2011, which the majority cites in its ruling, also to disclose their foreign currency accounts, and that the public has no right to know such
declared that Republic Act No. 6426 was intended to encourage deposits foreign currency accounts. This completely violates Section 8 of RA No. 6713. The majority
from foreign lenders and investors. Clearly, the secrecy of foreign currency deposits in ruling invents an exception that is not found in Section 8 of RA 6713. This exception renders
Section 8 of RA No. 6426, a special law, applies only to foreign depositors and investors. Section 8 of RA 6713 useless. Government officials and employees can simply open foreign
currency accounts and deposit all their cash in such accounts. Then they no longer have
What secrecy then applies to Philippine citizens who hold foreign currency deposits with local the obligation to disclose their cash assets, and the public no longer has the right to
banks? Such deposits of Philippine citizens are governed by RA No. 1405,10the general law on know such assets.
secrecy of bank deposits, which provides:
Section 8 of RA No. 671311 is a much later law than Section 8 of RA No. 6426.12 The
Section 2. All deposits of whatever nature with banks or banking institutions in repealing clause of RA No. 6713 states that all laws, decrees and orders or parts thereof
the Philippines including investments in bonds issued by the Government of the inconsistent herewith, are deemed repealed or modified accordingly, unless the same provide
Philippines, its political subdivisions and its instrumentalities, are hereby for a heavier penalty.13 Since there is an irreconcilable inconsistency between Section 8 of
considered as of an absolutely confidential nature and may not be examined, RA No. 6713 and Section 8 of RA No. 6426, the later law, which is RA No. 6713, prevails. In
inquired or looked into by any person, government official, bureau or short, the government officials and employees obligation to disclose their assets, and the
office, except upon written permission of the depositor, or in cases of peoples right to know such assets, as expressly mandated by Section 8 of RA No.
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6713, prevails over the secrecy of foreign currency deposits under Section 8 of RA No. 6426,
granting that such secrecy applies to Philippine citizens.
Incidentally, Chief Justice Renato C. Corona has publicly admitted that he owns the foreign
currency accounts in question. The Philippine Star news report entitled Disclosure in Due
Time, Says CJ, written by Perseus Escheminada on 11 February 2012, states in part:
Corona belied insinuations that his bid in the Supreme Court to stop the subpoena of
the Senate impeachment court on his foreign currency accounts in Philippine
Savings Bank (PSBank) was a sign of guilt or obvious move to conceal the truth.
I will make the disclosure in due time, the Chief Justice told The STAR in a text
message.
Corona said he just wanted legal issues to be resolved first before the disclosure of
his dollar accounts.
With this admission that he owns the foreign currency accounts in question, Chief Justice
Corona has the obligation to disclose these foreign currency assets to the people, who
have the right to know his assets.
The Constitution mandates that public officers and employees must at all times
be accountable to the people.14 A government official or employee who refuses to be
accountable to the people by not disclosing assets he admittedly owns, despite his obligation to
so disclose to the people, who have the right to know his assets, puts himself beyond
accountability to the people.
Accordingly, since the foreign currency accounts in question are not covered by Section 8 of
RA No. 6426, and petitioners will not suffer grave and irreparable injury, I vote
to DENY petitioners prayer for a Temporary Restraining Order.
ANTONIO T. CARPIO
Associate Justice