Parkin Son

Archive for June, 2009

Many investors shift from peso to foreign currency deposits not so much as a hedge against drastic fluctuations of the peso’s value but because the law exempts foreign currency deposits from attachment, garnishment or any other order or process of any court, legislative body, government agency or any administrative body, Foreign currency deposits are exempt .assets. Peso deposits and investments in government bonds are not. Unlike foreign currency deposits, they can be attached or garnished to satisfy a final judgment and there are more ways to break the secrecy of these bank deposits than foreign currency deposits. As such, peso deposits and investments in government bonds are more vulnerable to predators . This is a patent form of reverse discrimination in banking law. It is unfortunate that the law itself implicitly encourages depositors to abandon the peso in favor of foreign currencies in view of the stronger asset protection enjoyed by foreign currency deposits. Are you still wondering why the value of the peso is plummeting faster than a speeding asteroid? The legal provision exempting foreign currency deposits from attachment, garnishment, or any other order or process of any court, legislative body, government agency or any administrative body whatsoever has baffled even the