Question
The Bank Secrecy Law gives confidence to the depositors as to the extreme confidentiality of their bank deposits. Relevant thereto, inquiries into the bank deposits
The Bank Secrecy Law gives confidence to the depositors as to the extreme confidentiality of their bank deposits. Relevant thereto, inquiries into the bank deposits cannot be entertained without the express consent of the depositor or unless there is a court order if the deposit is a subject matter of impeachment or any litigation. In one case, X has deposits consisting of gold bars valued at P10M in Chinabank. For the last 5 years, X is paying the required bank service fees for the safekeeping of these valuables in its safety deposit boxes. QUESTION: Are those deposits of X likewise covered by the protection of the Bank Secrecy Law if someone would like to inquire on them?
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