Practice question
Why did the March5 2025 Ligot MAIN decision reject RA6426 confidentiality for the CFSI account discussed there?
- CFSI was not a bank authorized by BSP to operate as a foreign currency deposit unit
- Every account containing a large balance is automatically unprotected
- All foreign-currency accounts lost secrecy when RA1405 was enacted
- Only public officials can hold protected foreign deposits
- The depositor surname determined coverage
Legal references
- Heirs of Ligot v. Republic, GR257827 et al, March5 2025, Dimaampao MAIN: https://lawphil.net/judjuris/juri2025/mar2025/gr_257827_2025.html MAIN discussion of CFSI and GR229814 March13 2017 resolution.
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