Senate committee on banks, financial institutions, and currencies chairman Senator Francis “Chiz” Escudero said on Monday that the proposed investigation into the alleged ill-gotten wealth of President Rodrigo Duterte might just hit a wall because of the existence of bank secrecy law.
Senator Antonio Trillanes IV on Monday filed a resolution urging the Senate committee on banks, financial institutions, and currencies to scrutinize the bank accounts of the Duterte and his daughter Davao City Mayor Sara Duterte.
The Senator said that if there is no signed waiver from the depositor, it would just be a stumbling block for the investigation. He added that it is under the law on secrecy of bank deposits that any individual could invoke his right to bank secrecy.
“However, as to how far we can go would depend on the cooperation of the depositors concerned. Without it, we will always be hitting a wall because of the Bank Secrecy Law similar to what we have been encountering in the case of Andy Bautista,” Escudero said, referring to the case of Commission on Elections chairman Andres Bautista who, like Duterte, was accused of having unexplained wealth in his bank accounts which are not included in his Statement of Assets, Liabilities, and Net worth (SALN).
“If it is referred to me, it’s my policy to hear all resolutions and bills referred to any of my committees,” he added.