BSP Deputy Governor Criticizes Bank Secrecy Laws Blocking FCDU Access in Duterte Impeachment on July 22

According to Rappler, on July 22, Bangko Sentral ng Pilipinas (BSP) Deputy Governor Elmore Capule criticized the Philippines' bank secrecy laws during a signing ceremony, stating that foreign currency deposit unit (FCDU) accounts remain beyond reach even in impeachment cases. The Senate impeachment court approved subpoenas on July 20 for bank records related to Vice President Sara Duterte's finances, but excluded dollar accounts from the order because foreign currency deposits enjoy stricter protection under the Foreign Currency Deposit Act than peso accounts do under the Bank Secrecy Law.

Capule noted that while the Bank Secrecy Law expressly allows bank inquiries in impeachment cases, the Foreign Currency Deposit Act contains no such exception and requires the depositor's written permission. "The impeachment court issued an order to open bank deposits. But you cannot open FCDU deposits," Capule said, adding that bank secrecy can "be used by criminals" to conceal illegal activities.