Banks stand by trust amid Duterte probe

Trust in Philippine financial institutions remains strong despite several banks being called to testify in Vice President Sara Duterte’s ongoing impeachment proceedings, according to the chiefs of two of the country’s largest banks.

Speaking at the Financial Executives

Institute of the Philippines (FINEX)’s 58th annual conference on Friday, Bank of the Philippine Islands (BPI) president and CEO TG Limcaoco said the issue was not a lack of trust in financial institutions but rather a broader lack of confidence at the state level.

“I don’t think there’s a lack of trust in the financial institutions,” he said.

“I think the fact that people respected the seven banks that came to testify, that there’s no overlap shows that the level of trust in the financial system and the players there is very high.”

Philippine National Bank (PNB) president Edwin Bautista said transparency in public spending was essential to building public trust, which can be difficult to assess across political affiliations.

“I think that’s one of the things that’s important, transparency. If we don’t see it, then it’s very difficult to gain trust,” he said.

BPI and PNB were among seven banks subpoenaed in connection with Duterte’s impeachment proceedings. Representatives from both banks testified on 7 October 2026.

BPI representative Marwin Galvez discussed a jointly held time-deposit account belonging to Duterte and her father, former President Rodrigo Duterte, which matured at approximately P41.7 million, with the proceeds used to purchase manager’s checks. PNB representative Julius Parian testified about four active accounts held by Duterte’s husband, Manases Carpio, including accounts held in trust for minors.

The subpoenas form part of the prosecution’s presentation of financial evidence under Article II of the impeachment complaint, which concerns allegations of unexplained wealth. Prosecutors are seeking to authenticate bank records, identify account holders and document balances and transactions relevant to Duterte’s declared assets and financial interests.

Limcaoco said greater transparency in government spending could help strengthen public confidence.

“The more you can put up what the government is spending on, where the projects are, who the contractor is, where it is exactly, how much you spend, we’ll go a long way. And it really is up to us, the citizenry, to look at it,” he said.

Last week, Anti-Money Laundering Council executive director Ronel Buenaventura testified that Cale88, a company owned by Duterte and Carpio, received approximately P315.93 million from mainland China and P3.39 million from Hong Kong. The defense argued that there was no proof the funds came directly from the Chinese government or that the transactions personally benefited Duterte and Carpio.