The General Banking Law Annonated

Article excerpt

MANILA, Philippines - A magnum opus that deserves such great intellectual respect.

This was how Chief Justice Renato C. Corona described the Bangko Sentral ng Pilipinas' latest literary endeavor, "The General Banking Law Annotated," during the book's launching on August 5, 2011.

This book, researched and written by a battery of 30 lawyers of the BSP's Office of the General Counsel and Legal Services, is actually the second part in the BSP's trilogy project on the country's banking laws.

The first book in the trilogy, entitled "The New Central Bank Act Annotated," was launched in July last year. BSP Deputy Governor and General Counsel Juan de Zuniga, Jr. said Book III ("Other Banking Laws Annotated") will hopefully be published in early 2012.

Chief Justice Corona, who had previously worked in the banking industry as special counsel of the Development Bank of the Philippines and general counsel of the Commercial Bank of Manila, said the book "will be useful to anyone seeking a broader knowledge and a deeper understanding of the vast and complex field of banking, money and credit."

Corona recalled that during his many years in the private sector, he personally encountered the recurring problem of the scarcity of local authoritative resources on the legal aspects of banking.

"Ours was always an extensive research on the interpretative rules and regulations of the old Central Bank and a laborious examination of foreign case law, legal periodicals and literature," Corona said.

However, he stressed, this was many years ago. The chief justice pointed out that the publication of BSP's books on banking laws has solved much of the problem.

Corona added that an authoritative book such as "The General Banking Law Annotated" will immensely assist the judiciary in their analysis of the law and how it applies to cases before them.

"This explains my keen personal and professional interest in the book," he said. …