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.

Lousy Prosecutors?

My friend Jovi Tupaz, who's a realtor, will probably be better in court arguments compared to the lawyer and house prosecutor Niel Tupas.

However, what he lacks in eloquence, he is able to a bit compensate through end results. The skillful maneuvering of defense lawyer Serafin Cuevas made the procedure lengthy and made the prosecution lawyers look like grade schoolers. But still, the public now knows that Supreme Court Chief Justice Renato Corona has continuously purchased prime real estate through the past couple of decades through installment payments that lasted for only a few months for every purchase. Let's see how Corona will defend this. Does he have enough money to finance those purchases?

Regarding the company where he allegedly borrowed some of the money from, the incorporators are wondering how they could have approved the loan and how did Corona ever paid for it.