CHINA BANKING CORPORATION vs.

COURT OF APPEALS
G. R. No. 140687; December 18, 2006
CHICO-NAZARIO, J.:
Doctrine: The rule is that foreign currency deposits are confidential in nature and thus
may not be inquired into. A known exception to this is if the depositor consents to the
disclosure of the foreign currency deposits.

Facts:
Jose Gotianuy accused her daughter Mary Margaret Dee and her husband George
Dee of stealing his US Dollar Deposits with the Citibank N.A. amounting to not less
than P35 Million and US $864 Thousand and transferring his real properties and
shares of stocks without any consideration. The previously mentioned amounts was
then deposited with the China Banking Corporation. As such, he filed a complaint for
recovery of sum of money and annulment of sales of real properties and shares of
stocks with the Regional Trial Court. During trial, the trial court issued a subpoena
ordering Cristota Labios and Isabel Yap, employees of China Bank, to testify on the
case. A motion for reconsideration was filed by China Bank questioning the issuance
of a subpoena and the trial court issued an order requiring the above-named
employees of China Bank to testify. On appeal, the said order was affirmed by the
Court of Appeals.
Issue:
Whether or not petitioner China Bank is correct in its submission that the
Citibank dollar checks with both Jose Gotianuy and/or Mary Margaret Dee as payees,
deposited with China Bank, may not be looked into under the law on secrecy of
foreign currency deposits
Held:
No. As correctly pointed out by the Court of Appeals, since Jose Gotianuy is the
named co-payee of the latter in the Citibank checks, which checks were deposited in
China Bank, then, Jose Gotianuy is likewise a depositor thereof. On that basis, no
written consent from Mary Margaret Dee is necessitated.