BSP clarification

MANILA, Philippines - The quality of reporting by The Philippine STAR in connection with the Legacy Group has been generally fair and accurate, including those written by Mr. Jess Diaz who covers the House of Representatives.

In the Feb. 16 news report, however, a statement I made regarding our inability to access bank records for depositors’ accounts may have been misinterpreted as a complaint against the Philippine Deposit Insurance Corporation. While I did say at the public hearing last February 6 at the House of Representatives that “we are not allowed by the PDIC to look into bank accounts”, I am aware that the reason for this is because PDIC believes this will constitute a violation of the Bank Deposits Secrecy Law.

Thank you for this opportunity to clarify my statement. — ALFONSO PENACO IV, Director, Office of Special Investigation, Bangko Sentral ng Pilipinas