SENATOR-JUDGES trying Chief Justice Renato Corona have been cautioned  granting the request of House prosecutors to require banks to open the accounts of the head magistrate, saying this might have far-reaching implications for the country’s banking industry, including violation of the bank secrecy law.

Speaking on condition of anonymity, an official of the influential Federation of Filipino-Chinese Chambers of Commerce and Industry Inc. expressed fears of “a bank-run” should the Senate grant the plea for the issuance of subpoena on the bank accounts of the chief justice.

The FFCCCII has a network of 170 member organizations all over the country.

According to the FFCCCII official, the impeachment court should strongly consider the debilitating impact of their decision on the country’s banking industry, in particular, and the national economy, in general.

“The members of the FFCCCII are afraid that it might trigger a bank run, just like what happened during the impeachment trial of former President Estrada where massive withdrawals by depositors of then Equitable PCI Bank occurred,” the FFCCCII executive warned.

Also, the source stressed allowing the opening of Corona’s bank accounts including dollar accounts in two local banks, without conforming to the provisions of the bank secrecy law, would set a bad precedent and send a chilling effect to businessmen and investors.

“The senator-judges should seriously consider the far-reaching implications of such decision. If the bank accounts are subpoenaed on mere suspicion that they are part of the ill-gotten wealth of the Chief Justice, it would certainly send a chilling effect to businessmen and entrepreneurs and would have dire implication to the country’s economy,” the Filipino-Chinese businessman stressed.

“If this kind of exception is allowed, what will prevent other courts from prying into the bank accounts of individuals in the future,” he said.

“The risk of a bank run is extremely high at a time when we can least afford it.” stakeholders in the banking industry said agreeing with the FFCCCII official.

The sources hoped the Senate court would weigh very carefully any proposal to open up any bank accounts, whose secrecy is guaranteed by law, and avoid a possible “run” on any major bank.

During Estrada’s trial, the Senate court ordered the opening of bank deposits to prove allegations that Estrada had received jueteng money and other illegal proceeds from Ilocos Sur Gov. Luis “Chavit” Singson and other sources.

But in the present impeachment proceeding, there is no such allegation of ill-gotten wealth against Corona in the Artciles of Impeachment. 

In fact, the Senate court has ruled that since the Articles of Impeachment do not accuse Corona of having committed bribery or graft and corruption, the prosecution cannot introduce any evidence to prove such charge.

The prosecution, however, seems determined to open up Corona’s bank account.