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#$%&'()'$ Nove*+er ,-, &--.


!ACTS/ The Special Prosecution Panel filed before the Sandiganbayan a Request for Issuance of Subpoena Duces Tecum for the issuance of a subpoena directing the President of Export and Industry Bank or his her authori!ed representati"e to produce documents relating to E#ercito$s trust account% sa"ings account% and checking account& In his 'otion to (uash% petitioner claimed that his bank accounts are co"ered by R&)& *o& +,-. /The Secrecy of Bank Deposits 0a12 and do not fall under any of the exceptions stated therein& 3e further claimed that the specific identification of documents in the questioned subpoenas% including details on dates and amounts% could only ha"e been made possible by an earlier illegal disclosure thereof by the EIB and the Philippine Deposit Insurance 4orporation /PDI42 in its capacity as recei"er of the then 5rban Bank& The respondent argues that the trust account may be inquired into% not merely because it falls under the exceptions to the co"erage of R&)& +,-.% but because it is not e"en contemplated therein& 6or% to respondent People% the la1 applies only to 7deposits7 1hich strictly means the money deli"ered to the bank by 1hich a creditor8debtor relationship is created bet1een the depositor and the bank& ISS0E/ 9hether a trust account is considered a :deposit; for purposes of R&)& *o& +,-.% or the Bank Secrercy 0a1& HELD/ <es& The contention that trust accounts are not co"ered by the term 7deposits%7 as used in R&)& +,-.% by the mere fact that they do not entail a creditor8debtor relationship bet1een the trustor and the bank% does not lie& )n examination of the la1 sho1s that the term 7deposits7 used therein is to be understood broadly and not limited only to accounts 1hich gi"e rise to a creditor8debtor relationship bet1een the depositor and the bank& If the money deposited under an account may be used by banks for authori!ed loans to third persons% then such account% regardless of 1hether it creates a creditor8debtor relationship bet1een the depositor and the bank% falls under the category of accounts 1hich the la1 precisely seeks to protect for the purpose of boosting the economic de"elopment of the country& The Trust )greement bet1een petitioner and 5rban Bank pro"ides that the trust account co"ers 7deposit% placement or in"estment of funds7 by 5rban Bank for and in behalf of petitioner& The money deposited under the trust account% 1as% therefore% intended not merely to remain 1ith the bank but to be in"ested by it else1here& The phrase 7of 1hate"er nature7 proscribes any restricti"e interpretation of 7deposits&7 'oreo"er% it is clear from the immediately quoted pro"ision that% generally% the la1 applies not only to money 1hich is deposited but also to those 1hich are in"ested& This further sho1s that the la1 1as not intended to apply only to 7deposits7 in the strict sense of the 1ord&