I agree with Sereno

As I wrote earlier. The Philippine law protecting foreign currency deposits is a bad law.

RA 6426 is a bad law.

What I didn't elaborate due to time constraints is well articulated in Sereno's dissenting opinion on the Supreme Court issued TRO.

It is true that too much secrecy will only tend to protect those with bad thoughts. Very good guys will have a good reason to overly protect their savings accounts.

Overly Secretive Rules Protecting Foreign Currency Deposits

In the United States, a lot of Americans avoided paying taxes on their income and savings hy hiding it in foreign banks. a lot of them hid their money in Switzerland and a few other countries with laws that heavily protects depositors. The thing is, bank secrecy not only protects the common people but also the unscrupulous sections of this planet. Corrupt politicians, drug lords and other crooks are able to safeguard their not so hard earned incomes through banks hiding under secretive bank laws.

Just recently, Switzerland relaxed it's bank secrecy laws and a number of Americans are now negotiating their fines for misdeclaring their incomes. Their Swiss accounts have now been exposed and their cheating days have ended. In the Philippines, there is still an old age minded bank secrecy law that protects the exposure of foreign currency deposits. it will be no surprise thefore, if the country's corrupt politicians and other criminals start converting their peso loot to foreign currencies.

Republic Act 6426, the "Foreign Currency Deposit Act of the Philippines" is a bad law. it tends to protect the criminal more than the decent man.

Remembering the sick girl

I remember when the former president GMA was wheeled to the Ninoy Aquino International Airport wearing a complicated neck brace and what looked like a hospital gown. I thought all along that it’s all she was wearing or perhaps, she had scrub pants on. What really floored me are press revelations later on that she was actually wearing tight leather pants. If she had serious spine problems like she claimed, she would not have been able to wear those tights. I guess, she was planning to discard her neck and back support once in flight and arrive in her destination in style!