Senate urged to expand probe on BSP documents leakage

MANILA, Philippines - Former Securities and Exchange Commission chief Perfecto Yasay, now vice chairman of Banco Filipino, urged the Senate to expand the investigation on the alleged leak of bank documents from the Bangko Sentral ng Pilipinas (BSP), which could have led to the closure of Banco Filipino.

“I request the Senate to expand the probe on BSP officials with respect to leaks of confidential information related to secrecy of bank deposits to include the matters of Banco Filipino,” he told reporters during the media forum at the Rembrandt Hotel in Quezon City over the weekend.

Yasay said that BSP officials at the height of the Banco Filipino controversy had leaked to the media information that led to closure of the bank.

He said the Senate probe should also include officials of the monetary board and the Philippine Deposit and Insurance Corp. who allegedly connived to fast-track the closure of the bank on March 17, 2011.

Yasay said the BSP has announced that the decision of Court of Appeals to reopen Banco Filipino is already moot.

He said because of the extraordinary power of the BSP, the central bank has denied the shuttered bank of their right to property because bank assets were being sold to favored constituents at a bargain.

“Such practice amounts to grabbing of valuable land and other assets in violation of the constitutional protection depriving anyone of their rights to property without due process,” Yasay said.

He said the Senate probe in aid of legislation could result to the clipping of powers of the BSP particularly on the illegal closure of banks.