C. SECRECY OF BANK DEPOSITS and other risk free bonds. (Sec. 2, R.A.

, 1405;
(R.A. NO. 1405, AS AMENDED AND Official Gazette website, “BIR: Investments are
R.A. NO. 6426, AS AMENDED) not subject to the bank secrecy law, only bank
deposits and government securities” dated
1. What are the governing laws related to August 12, 2014)
bank secrecy of deposits?
5. What are the two allied purposes of the
a. R.A. No. 1405, as amended “An Act bank secrecy law?
Prohibiting Disclosure of or Inquiry into,
Deposits with any Banking Institution and (1) Encourage the people to deposit their
Providing Penalty Therefor” money in banking institutions, so that it
b. R.A. No. 6246, as amended “An Act may be utilized by way of authorized loans
Instituting A Foreign Currency Deposit and thereby assist in economic
System in the Philippines, and for Other development.
Purposes” (2) Discourage private hoarding. (Sec. 1, R.A.
No. 1405)
2. What is a Deposit?
R.A. No. 1405 has two allied purposes. It hopes
Deposits refers to money or funds placed with to discourage private hoarding and at the same
a bank that can be withdrawn on the depositor’s time encourage the people to deposit their
order or demand, such as deposit accounts in money in banking institutions, so that it may be
the form of savings, current and time deposits. utilized by way of authorized loans and thereby
(Sec. 2, R.A., 1405; Official Gazette website, assist in economic development. Owing to this
“BIR: Investments are not subject to the bank piece of legislation, the confidentiality of bank
secrecy law, only bank deposits and government deposits remains to be a basic state policy in the
securities” dated August 12, 2014) Philippines. (BSP Group, Inc. v. Go, G.R. No.
168644, February 16, 2010)
Deposits are characterized as being in the
nature of a simple loan. The placing of deposits It is enacted to help encourage the public to
in a bank creates a creditor-debtor relationship deposit their money in banking institutions so
between the depositor and the bank. As such, that it may be used on loans and eventually
the bank, being the debtor, has the obligation to assist in the economic development of the
pay a certain sum of money to the depositor, country. The law protects deposits of whatever
being the creditor. nature from examination and inquiry, subject to
certain exceptions:
3. Who is a Depositor?
Section 2. All deposits of whatever nature
A depositor, in cases of bank deposits, is one with banks or banking institutions in the
who pays money into the bank in the usual Philippines including investments in
course of business, to be placed to his credit bonds issued by the Government of the
and subject to his check or the beneficiary of the Philippines, its political subdivisions and
funds held by the bank as trustee. (Wright v. its instrumentalities, are hereby
Holmes, 62 A. 507, 508, 100 Me. 508, 3 L.R. A., considered as of an absolutely
N.S., 769, 4 Ann. Cas. 583. Words and Phrases, confidential nature and may not be
Permanent Edition, Vol. 12, p. 262) examined, inquired or looked into by any
person, government official, bureau or
4. What are Governing Bonds? office, except upon written
permission of the depositor, or in
Government bonds are debt securities which cases ofimpeachment, or upon order of a
are unconditional obligations of the State, and competent court in cases of bribery or
backed by its full taxing power. Government dereliction of duty of public officials, or in
bonds include treasury bills, treasury notes, cases where the money deposited or
retail treasury bonds, dollar linked peso notes
 invested is the subject matter of the P.D. No. 1792 now expressly repealed by R.A.
litigation. No. 7653)
(The Real Bank (A Thrift Bank), Inc. v.
Maningas, G.R. No. 211837, March 16, Under Republic Act No. 1405, or the Bank
2022) Secrecy Law, bank accounts
and deposits of whatever nature with banks or
6. What is the State policy of the law on banking institutions in the Philippines are
bank secrecy? "considered as of an absolutely confidential
nature"; they "may not be examined, inquired or
The confidentiality of bank deposits remains to looked into by any person”. Any bank
be a basic state policy in the Philippines. Section official or employee who discloses any
2 of the law institutionalized this policy by information concerning deposits may be
characterizing as absolutely confidential in prosecuted and penalized. (Republic v. Ongpin,
general all deposits of whatever nature with G.R. No. 207078, June 20, 2022)
banks and other financial institutions in the
country. (Sec. 2, R.A. No. 1405) Wherein deposits refer to money or funds
placed with a bank that can be withdrawn on
7. What is the rationale behind the law on the depositor’s order or demand, such as
bank secrecy? deposit accounts in the form of savings, current
and time deposits. Deposits are characterized as
The law was passed to encourage the infusion being in the nature of a simple loan. The placing
of adequate capital to propel more speedily the of deposits in a bank creates a creditor-debtor
country's economic development. The author of relationship between the depositor and the
the law believed that the approval of the law bank. As such, the bank, being the debtor, has
"will inject into the bloodstream of our anemic the obligation to pay a certain sum of money to
economy the capital which we need for greater the depositor, being the creditor. (Philippine
agricultural and industrial production. Veterans Bank v. Commissioner on Internal
(Explanatory Notes to House Bill No. 3977 by Revenue. G.R. No. 205261. April 26, 2021)
Rep. Jose P. Laurel, Jr. of Batangas, cited in
Lim, Bank Secrecy Law, A Historical and Deposits are thus no longer limited to those
Economic Analysis, Philippine Law Journal, Vol. governed by the law on loans giving rise to
77, p. 210) creditor-debtor relationship. (Ejercito v.
Sandiganbayan (Special Division) and People of
8. What is the coverage of the general the Philippines, G.R. Nos. 157294-95.
banking rule of secrecy? November 30, 2006)

All deposits of whatever nature with banks or 9. What does it mean by the phrase“of
banking institutions in the Philippines including whatever nature?”
investments in bonds issued by the Government
of the Philippines, its political subdivisions and While the phrase "of whatever nature"
its instrumentalities, are hereby considered as of proscribes any restrictive interpretation of
an absolutely confidential nature and may not "deposits." Moreover, it is clear from the
be examined, inquired or looked into by any immediately quoted provision that, generally,
person, government official, bureau or office, the law applies not only to money which is
except upon written permission of the depositor, deposited but also to those which are invested.
or in cases of impeachment, or upon order of a This further shows that the law was not
competent court in cases of bribery or intended to apply only to "deposits" in the strict
dereliction of duty of public officials, or in cases sense of the word. Otherwise, there would have
where the money deposited or invested is the been no need to add the phrase "or invested."
subject matter of the litigation. (Sec. 16 par. 2, (Ejercito v. Sandiganbayan (Special Division)
Art. 2, R.A. No. 7653, amending Sec. 2 and 3, and People of the Philippines, G.R. Nos. 157294-
R.A. No. 1405, which were both amended by 95, November 30, 2006)
10. What is the aim of the Absolute Peso Deposits
Confidentiality Rule? Prohibited Acts Persons Liable
Examine, Inquiry, (a) Any person;
The absolute confidentiality rule in R.A. No. Looking into: (b) Any government
1405 actually aims at protection from (a) bank deposit; official; or
unwarranted inquiry or investigation if the (b) government (c) Any government
purpose of such inquiry or investigation is bond bureau or office.
merely to determine the existence and nature, investment in (Sec. 2, R.A. No.
as well as the amount of the deposit in any any of the 1405)
given bank account. (BSB Group, Inc. v. Go, instances not
G.R. No. 168644, February 16, 2010) allowed by law.
(Sec. 2, R.A. No.
11. How is Confidentiality construed? 1405)
Disclosure concerning (a) Any official or
By force of statute, all bank deposits are bank deposits to (b) Any employee of
absolutely confidential, and that nature is another in any banking
unaltered even by the legislated exceptions. instance not allowed institution.
There is disfavor towards construing these by law. (Sec. 3, R.A. (Sec. 3, R.A. No.
exceptions in such a manner that would No. 1405) 1405)
authorize unlimited discretion on the part of the Violation of any Any person.
government or of any party seeking to enforce provisions of the law. (Sec. 5, R.A. No.
those exceptions and inquire into bank deposits. (Sec. 5, R.A. No. 1405)
If there are doubts in upholding the absolutely 1405)
confidential nature of bank deposits against
affirming the authority to inquire into such Examples:
accounts, then such doubts must be resolved in (1) In camera Inspection NOT Allowed – In
favor of confidentiality. (Republic v. Eugenio. camera inspection of the bank deposit
G.R. No. 174629, February 14, 2008) records is also not allowed and is also in
the nature of any information concerning
12. What are the Zones of Privacy? the said deposits. (Marquez v. Disierto.
G.R. No. 135882. June 27, 2001. Pardo, J.)
Under the R.A. No. 1405, bank deposits are (2) A news reporter that reported what he
statutorily protected or recognized zones of overheard from the conversation of two
privacy. (Ejercito v. Sandiganbayan (Special bank employees about a bouncing check of
Division) and People of the Philippines. G.R. a depositor is not violating the law (Aquino
Nos. 157294-95, November 30, 2006; Marquez & Sundiang Sr., Reviewer in Commercial
v. Desierto, G.R. No. 135882, June 27; and Opl Law, 2022 Edition, p. 474)
v. Torres. G.R. No. 127685. July 23, 1998)
Foreign Currency Deposits
While the fundamental law has not bothered Prohibited Acts Persons Liable
with the triviality of specifically addressing examines, inquires, (a) Any person;
privacy rights relative to banking accounts, or looks into foreign (b) Any government
there, nevertheless, exists in our jurisdiction a currency deposits official; or
legitimate expectation of privacy governing such without written (c) Any government
accounts. The source of this right of expectation permission of the bureau or office
is statutory, and it is found in R.A. No. 1405, depositor whether judicial
otherwise known as the Bank Secrecy Act of or administrative
1955. .(BSB Group, Inc. v. Go, G.R. No. 168644, or legislative,
February 16, 2010) (d) or any other
private or public
13. What are the acts that cannot be done entity.
in connection with bank deposits? attach, garnish, or anyone
subject the foreign
 currency deposit to v. Sandiganbayan
any other order or (Special Division) and
process of any court, People of the
legislative body, or Philippines, G.R. Nos.
other administrative 157294-95, November
body 30, 2006)
makes a disclosure (a) any official Deposits and (4) Foreign currency
concerning bank (b) or employee of Funds deposits. (R.A. No.
deposits to another in the banking Covered by 6426)
any instance not institution Other Laws on (5) Funds placed in a
allowed by law Confidentiality bank not in the nature
violation of any Any person. of a deposit by private
provision of this law individuals or entities.
as well as regulation These may also not be
of the Monetary disclosed. (Sec. 55.1,
Board pursuant to R.A. No. 8791)
this law (6) Deposits in offshore
(R.A. No. 6426, Sec. 8) banking units (Sec.
8, PD No. 1246)

14. What are deposits covered? 15. What are investments in Government
Bonds?
Deposits (1) All Peso deposits of
Generally whatever nature with This refers to investments in bonds issued by
Covered banks or banking the Government of the Philippines, its political
institutions in the subdivisions and its instrumentalities.
Philippines are Government bonds are debt securities which are
considered as of an unconditional obligations of the State, and
absolutely confidential backed by its full taxing power. Government
nature. (Sec. 2, R.A. bonds include treasury bills, treasury notes,
No. 1405) retail treasury bonds, dollar linked peso notes,
(2) Investments in and other risk-free bonds. (Sec. 2, R.A. No.
bonds issued by the 1405)
Government of the
Philippines, its political 16. What are the exceptions under the law
subdivisions and its on Secrecy of Bank Deposits?
instrumentalities,
whether denominated A bank deposit may be inquired into in the
in pesos or foreign following cases:
currency. Note that
investments in bonds (1) Written permission or consent in writing by
in foreign currency are the depositor; (Sec. 2, R.A. No. 1405)
still covered by RA
1405. The Foreign (2) Impeachment of the President, Vice
Currency Deposit Act President, members of the Supreme Court,
does not cover those members of the Constitutional Commission;
investments. (ibid) (Sec. 2, R.A. No. 1405)
(3) Trust Accounts. R.A.
No. 1405 is broad (3) Upon order of a competent court in cases
enough to cover Trust of:
Accounts (particularly,
Trust Account No. 858 (a) Bribery or dereliction of duty of public
in this case). (Ejercito officials; (Sec. 2, R.A. No. 1405)
 (b) Where the money deposited or invested Stockholders and related interests.
is the subject of litigation. The money Loans in excess of 5% of the Bank's
deposited should be the very thing in Capital and Surplus. The Borrower
dispute; (Sec. 2, R.A. No. 1405; Mellon waived his right as regards the Secrecy
Bank, N.A. v. Magsino. G.R. No. 71479, of Bank Deposits. (No. 347 Waiver of
October 18, 1990) Secrecy of Deposit, Bangko Sentral ng
Pilipinas.)

Exceptions under Other Laws (8) New Central Bank Act. Directors, officers,
stockholders and related interests who
(4) Anti-graft and Corrupt Practices Act. contract a loan or any form of financial
Prosecution for violation of an anti-graft accommodation with their bank or related
and corrupt practices act; (R.A. No. 3019) bank are required to execute a written
waiver of secrecy of deposits pursuant to
A person charged with unlawfully acquiring The New Central Bank Act; (Sec. 26, Rep.
wealth under RA 1379 cannot oppose the Act No. 7653)
issuance of a subpoena duces tecum for the
records of his bank account for this is (9) Human Security Act. After determining
among the instances excepted from the existence of probable cause, the Court of
coverage of the Secrecy of Bank Deposits Appeals may authorize examination of and
Act are Anti-graft cases. (Sec. 8, R.A. 3019) gathering of information on deposits,
placements, trust accounts, assets, and
records in a bank or financial institution; of
(5) Unclaimed Balance Law. Disclosure by the the following:
bank to the National Treasurer of (a) A person charged with or suspected of
information concerning dormant deposits the crime of terrorism or conspiracy to
under the Unclaimed Balances law (Act. No. commit terrorism;
3936, as amended); (b) Any judicially declared and outlawed
terrorist organizations, associations, or
(6) Philippine Deposit Insurance Commission. group of persons; or
Examination and inquiry into deposit (c) Any member of such organization,
records by PDIC when there is failure of association, or group of persons in a
promt corrective action as declared by the bank or financial institution and the
Monetary Board duue to capital deficiency; gathering of any relevant information
(Sec. 11[c], PDIC LA) about the same from said bank or
financial institution. (Secs. 27 and 28,
(7) Bangko Sentral ng Pilipinas. BSP is RA 9372)
authorized to:
(a) inquire into or examine bank deposits (10) The Anti-Money Laundering Act. The
or investments in the course of a AMLC may be authorized to examine and
periodic or special examination to inquire into bank deposits or investments
ensure compliance with The Anti- with banks or non-bank financial
Money Laundering Law, in accordance institutions:
with the rule of examination of the (a) with court order, when there is probable
Bangko Sentral; (Sec. 11, R.A. No. cause that the deposits or investments
9160, as amended) and are related to an unlawful activity or a
(b) conduct annual testing which is limited money laundering offense; (Secs. 3[i]
to the determination of the existence and 4 of R.A. No. 9160
and true identity of the owners of (b) Court order shall not be necessary in the
numbered accounts; (Sec. 11, R.A. No. following cases:
9160, as amended) i. Kidnapping for ransom under Article
(c) DOSRI Loans: Loans with their Banks 267 of Act No. 3815 (RPC);
of Bank Directors, Officers,
 ii. Violations of Sections 4, 5, 6, 8, 9, No. 8424, as amended by R.A. No.
10, 12, 13, 14, 15, and 16 of R.A. 10021).
No. 9165 (Comprehensive
Dangerous Drugs Act of 2002); (13) Commission on Audit. The COA is
iii. Hijacking and other violations under authorized to examine and audit
R.A. No. 6235; destructive arson government deposits pertaining to the
and murder, as defined under the revenue and receipts of, and expenditures
RPC, as amended, including those or uses of funds and properties, owned or
perpetrated by terrorists against held in trust by, or pertaining to, the
non-combatant persons and similar Government or any of its subdivisions,
targets; agencies or instrumentalities, including
iv. Felonies and offenses similar to the government-owned and controlled
foregoing which are punishable corporations with original charters; (Art. IX-
under the penal laws of other D, 1987 Philippine Constitution and P.D.
countries; No. 1445)
v. Terrorism and conspiracy to commit
terrorism as defined under R.A. No. (14) Ombudsman. The Ombudsman has the
9372, as amended (Rule 11, R.A. power to issue subpoena and subpoena
No. 9610, as amended). duces tecum, take testimony in any
(c) Violation of the Anti-Money Laundering investigation or inquiry, as well as examine
Act; (R.A. No. 9610, as amended) and access bank accounts and records. The
power of the Ombudsman to subpoena
(11) Presidential Commission on Good deposit information of a government official
Government. The PCGG in the conduct of may be exercised when the following
its investigations to recover ill-gotten conditions concur:
wealth accumulated by former President (a) there must be a case pending before a
Ferdinand E. Marcos, his immediate family, court of competent jurisdiction;
relatives, subordinates and close associates, (b) the account must be clearly identified;
may issue subpoenas requiring the (c) the inspection must be limited to then
attendance and testimony of witnesses subject matter of the pending case;
and/or the production of books, papers, and
contracts, records, statement of accounts (d) the bank personnel and the account
and other documents. (Sec. 3 [e], E.O. No. holder must be notified to be present
1, s. 1986) during the inspection; (Marquez v.
Desierto. G.R. No. 135882, June 27,
(12) Commission Commission of Internal 2001)
Revenue is authorized to inquire into bank
deposit accounts in relation to: (15) Court of Appeals. The CA designated as
(a) an application for compromise of tax a special court, may issue an order
liability under Sec. 204 (A) (2) of the authorizing law enforcement officers to
Tax Code by readon of financial examine and gather information on the
incapacity to pay his tax liability; or a deposits, placements, trust accounts, assets
determination of a decedent’s gross and records in a bank or financial institution
estate under The National Internal in connection with anti-terrorism case;
Revenue Code; (Sec. 6 (f) (1-2), (R.A. No. 9372)
NIRC, as amended; R.A. No. 8424,
as amended by R. A. No. 10021) and (16) Coup D’Etat Law. (R.A No. 6968)
(b) a request for tax information of
specific taxpayers made by a foreign (17) Police Power. When the State
tax authority pursuant to a tax treaty exercises/invokes its Police Power. The
under The Exchange of Information lawful exercise of police power in
on Tax Matters Act of 2009. (R.A. constitutionally protected zones of privacy
is illustrated by the enactment of the
 Human Security Act of 2007, Anti-Money included among these criminal acts.
Laundering Act of 2001, and the Terrorism (Ejercito v. Sandiganbayan (Special
Financing Prevention and Suppression Act Division) and People of the Philippines, G.R.
of 2012. Compliance with Article III, Nos. 157294-95, November 30, 2006)
Section 2 and 3 of the Constitution.67 The
authority to inquire into or examine the (21) Equity. Court-ordered examination of
main account and the related accounts shall deposits on grounds of equity. (Salvacion v.
comply with the requirements of Article III, Central Bank, G.R. No. 94723, August 21,
Sections 2 and 3 of the 1987 Constitution. 1997)
(Secs. 2 and 3, Art. III, The 1987
Constitution) (22) Foreign Currency Deposit. Examination
of Foreign Currency Deposit upon written
Police power is based upon the concept of permission of depositor himself. (Intengan
necessity of the State and its corresponding vs. CA, G.R. No. 128996, February 15,
right to protect itself and its people. (JMM 2002)
Promotion and Management Inc. v. Court of
Appeals, G.R. No. 120095, August 5, 1996, 17. What are Authorized Disclosures?
citing Rubi v. Provincial Board of Mindoro)
Disclosures by authorized and responsible bank
Jurisprudence Interpreting Exceptions officials are allowed in the following instances:

(18) Garnishment of bank deposits; i. reporting of unclaimed balances to the

Treasurer of the Philippines; (Secs. 1 and 2,
(19) In case of amendment or repeal of the Act No. 3936)
law. (Doña Adela Export International, Inc.
v, Trade and Investment Development ii. turn-over to the Commissioner of Internal
Corporation (TIDCORP) and Bank of the Revenue of the amount in bank accounts as
Philippines Islands (BPI), G.R. No. 201931, may be sufficient to satisfy the writ of
February 11, 2015) garnishment issued to collect delinquent
taxes; (Secs. 205 and 208, R.A. No. 8424)
(20) Plunder and Unexplained Wealth.
Prosecution for unexplained wealth such as iii. submission of report, and turn-over to, the
“Plunder” case; (PNB v. Gancayco. G.R. No. court officer or executing sheriff of garnished
L-18343, September 30, 1965; Marquez v. amounts pursuant to a writ of garnishment in
Desierto, G.R. No. 135882, June 27, 2001; satisfaction of a judgment (Sec. 9 [c], Rule
and Opl v. Torres, G.R. No. 127685, July 39, Rules of Court; China Banking
23, 1998) Corporation vs. Ortega, G.R. No. L-34964,
January 31, 1973)
Cases of unexplained wealth are similar to
cases of bribery or dereliction of duty and iv. disclosure by a bank officer or employee
no reason is seen why these two classes of upon order of the court in connection with a
cases cannot be excepted from the rule deposit in a closed bank that was used in the
making bank deposits confidential. (PNB v. perpetration of anomalies. (Soriano vs.
Gancayco. G.R. No. L-18343. September Manuzon, C.A. G.R.S.P No. 87634)
30, 1965)
18. When may a bank account be
Plunder is analogous to bribery. The garnished?
exception in the law that is applicable in
bribery also applies to plunder. The overt or General Bank accounts may be
criminal acts as described in Sec. 1 (d) of Rule garnished by the creditors of the
R.A. 7080 would make the similarity depositor There is no violation
between plunder and bribery even more of the Law on Secrecy of Bank
pronounced since bribery is essentially Deposits if the accounts are
 garnished (China Bank v.
Ortega, G.R. No. L-34964, Far-reaching implications on the right of a
January 31, 1973) The amount national to obtain redress for a wrong
of deposit is actually not committed by an alien who takes refuge under a
disclosed and the intent of the law and regulation promulgated for a purpose
legislature does not cover which does not contemplate the application
garnishment (Philippine thereof envisaged by the alien. If we rule that
Commercial and Industrial Bank, the questioned Sec. 113 of Central Bank Circular
et al. v. The Hon. CA, et al., No. 960 which exempts from attachment,
G.R. No. 84526, January 28, garnishment, or any other order or process of
1991; Aquino & Sundiang Sr., any court, legislative body, government agency
Reviewer in Commercial Law, or any administrative body whatsoever, is
2022 Edition, p. 479) applicable to a foreign transient, injustice
Exception (1) Foreign currency deposits. would result especially to a citizen aggrieved by
The foreign currency a foreign guest like accused Greg Bartelli. This
deposits shall be exempt would negate Arti. 10 of the New Civil Code
from attachment, which provides that "in case of doubt in the
garnishment, or any other interpretation or application of laws, it is
order or process of any presumed that the lawmaking body intended
court, legislative body, right and justice to prevail. It would be
government agency or any unthinkable, that the questioned Sec. 113 of
administrative body Central Bank No. 960 would be used as a device
whatsoever. (Sec. 8, R.A. by accused Greg Bartelli for wrongdoing, and in
No. 6427) so doing, acquitting the guilty at the expense of
the innocent. This situation calls for fairness
(2) Those exempt under the against legal tyranny. (Salvacion v. Central
Rules of Civil Procedure like Bank. G.R. No. 94723, August 21, 1997)
provision for the family for
four months (Rule 39, 20. What is the Gotianuy case?
ROC).
Exception (1) Salvacion Case (Equity) The monies subject of said checks originally
to the Account of non-resident came from the Gotianuy, the owner of the
Exception alien found guilty of raping account. Citibank checks evidenced that the
a minor Filipino was allowed Gotianuy is one of the payees of said checks.
on the basis of equity. Being a co-payee thereof, then he or his
(Salvacion v. Central Bank. estate can be considered as a co-depositor
G.R. No. 94723, August 21, of said checks. Since Gotianuy is a co-
1997) depositor of the CBC account, then his request
for the assailed subpoena is tantamount to an
(2) Gotianuy Case (Co-Payee) express permission of a depositor for the
Being a co-payee thereof, disclosure of the name of the account holder. It
then he or his estate can be must also be remembered that in the complaint
considered as a co- of Jose Gotianuy, he alleged that his US dollar
depositor of said checks. No deposits with Citibank were illegally taken from
written consent of the other him. China Bank employee Cristuta Labios
co-payee is necessitated in testified that Mary Margaret Dee came to China
an inquiry of the deposits Bank and deposited the money of Gotianuy in
by the said co-depositor. Citibank US dollar checks to the dollar account
(China Banking Corporation of her sister Adrienne Chu. This fortifies our
vs. CA, G.R. No. 140687, conclusion that an inquiry into the said deposit
December 18, 2006) at China Bank is justified. At the very least,
Gotianuy as the owner of these funds is entitled
19. When is the Salvacion case? to a hearing on the whereabouts of these funds.
It was not the intent of the legislature when it
enacted the law on secrecy on foreign currency
deposits to perpetuate injustice. This Court is of
the view that the allowance of the inquiry would
be in accord with the rudiments of fair play, the
upholding of fairness in our judicial system and
would be an avoidance of delay and time-
wasteful and circuitous way of administering
justice. (China Banking Corporation vs. CA, G.R.
No. 140687, December 18, 2006)