00:00I direct your attention, sir, to a Peso Time Deposit Certificate No. 251407.
00:10Your Honor, I would ask the Assisting Counsel, Your Honor, to approach.
00:14Continuing authority for the entire day is given to Assisting Counselors from both parties to approach the witness at any
00:21time they may deem it necessary.
00:23Thank you, Your Honor.
00:25Sir, I direct your attention to a Peso Time Deposit Certificate.
00:30Number 251407 with Time Deposit No. 002437-0258-11, which is part of our exhibits.
00:44Before anything else,
00:47Sige, sir, tignan niyo po muna.
00:48Okay, can I ask?
00:50Yes.
00:51So before anything else, sir, what is a Time Deposit, if you know?
00:58Your Honor, a Time Deposit is a type of deposit account with a principal amount, a fixed term, an interest
01:10rate, and a maturity date.
01:12All right.
01:13And based on this document, what is the account name of the Time Deposit, sir?
01:26Based on the document we submitted to this Honorable Court, requested for by the Sabina, this Time Deposit account is
01:35under the name of Rodrigo Roa Duterte, or Rodrigo Roa Duterte and Zara Z. Duterte.
01:44All right.
01:46And what is the principal amount of this Time Deposit?
01:54Principal amount for the Time Deposit is P40,650,000, Your Honor.
02:02P40,000,000.
02:03Again, what is the date of this Time Deposit, sir, if you can see in the records?
02:06The opening date for this Time Deposit is January 22, 2010.
02:21All right.
02:22So P40,000,000 in 2010.
02:28When we say principal amount, sir, perhaps you can enlighten us as not everyone has the opportunity to apply or
02:38purchase a Time Deposit.
02:40When we say principal amount in the context of a Time Deposit, what does this mean?
02:46A principal amount, Your Honor, refers to the initial amount deposited to that particular Time Deposit.
02:53All right.
02:54And based on this document that you are looking at, it appears that in the lower portion, the principal amount
03:01or Time Deposit rolled over several times.
03:05To be exact, how many times did it roll over if you can check the documents?
03:11Okay.
03:25Based on the document we submitted, I can count 12 rollover periods, Your Honor.
03:3712 rollover periods.
03:39But to be clear, when you say rollover, what do you mean by this?
03:44When we say rollover, Your Honor, like for example, this Time Deposit is termed for 35 days.
03:52So as soon as the original maturity date ends, if the instruction of the client is to continue renewing the
04:02said Time Deposit, we will just roll over the principal amount.
04:07And if the instruction is to include the interest rate in the rollover, then we roll over the principal plus
04:15the interest for the last 35 days.
04:17So essentially, sir, in layman's term, when you say rollover, it means you renew the Time Deposit.
04:24That's correct.
04:24And on the basis of the principal amount and succeeding renewal, we call that the rollover.
04:31That's correct.
04:31Perfect.
04:33And in that document, there is another important information.
04:40What is the settlement account of this Time Deposit?
04:46Based on the Certificate of Time Deposit that we submitted, the identified settlement account number is 2433069539.
05:04Last digit, sir, is 9539.
05:09That's correct.
05:09And based on your record, sir, what branch is that?
05:13This is under Julia Vargas' account, Your Honor.
05:18Okay.
05:19The Julia Vargas branch.
05:20And under whose name is this account?
05:24Or what is the account name of this account?
05:29Can I confirm lang on my record?
05:31Yes, please.
05:32Go ahead.
05:41For the account ending in 9539, the account is under the name Rodrigo Roa Duterte or Rodrigo Roa Duterte and
05:51Sara Z. Duterte.
05:52All right.
05:53So you mentioned that the settlement account corresponds to the bank account with last digit's 9539 or the Julia Vargas
06:02branch account.
06:03But allow me to backtrack a bit.
06:06When you say settlement account, what does this mean in bank parlance?
06:12The settlement account in bank parlance, Your Honor, refers to the account where the proceeds and maturities are credited to
06:21or debited against in terms of rollovers.
06:26Okay.
06:26So allow me to tie this up, sir.
06:27So you mentioned that the principal amount, based on your testimony, is renewed 12 times, right?
06:35Yes, sir.
06:36Assuming that it was renewed 12 times.
06:38No, no.
06:38Sorry.
06:38It is renewed 12 times.
06:41If it's not renewed, where will the proceeds go?
06:44The proceeds, when a time deposit is matured, goes to the settlement account.
06:50And the settlement account is the?
06:53The one ending in 9539.
06:55The Julia Vargas branch.
06:56That's correct, sir.
07:01Based on the document, sir, what is the date?
07:07Rather, at the last, at the time of its last renewal on February 11, 2011, how much now is the
07:17amount of the time deposit?
07:47Based on the last rollover, including interest rate,
07:54the final balance would be $41,721,035.42.
08:05I'm sorry, Your Honor, the number is not very clear.
08:08That's fine, sir.
08:09It's okay.
08:10I'm reading it based on how I can comprehend the numbers.
08:13And we appreciate it, sir.
08:15Alright, so that is the last time it was renewed.
08:18After that, what would happen to that amount, as you testified a while ago?
08:22As if a time deposit certificate matures and is no longer renewed, the proceeds of the matured time deposit is
08:32credited to the settlement account.
08:34And that was the Julia Vargas branch.
08:36That's correct, sir.
