Significantly,
Section 2 of the Banking Law (Republic Act [R.A.] No. 8791) highlights the
essential role of banks in our economy and the fiduciary nature of their
business:
The State
recognizes the vital role of banks providing an environment conducive to the
sustained development of the national economy and the fiduciary nature of
banking that requires high standards of integrity and performance. In
furtherance thereof, the State shall promote and maintain a stable and
efficient banking and financial system that is globally competitive, dynamic
and responsive to the demands of a developing economy.
Although R.A.
No. 8791 took effect in 2000, at the time that Metrobank had been transacting
with respondents in 1993, jurisprudence had already imposed on banks the same
high standard of diligence required under the said law.
In view of the
fiduciary nature of the banking business, banks are mandated to comply with two
essential and fundamental obligations -
to treat their clients' accounts with utmost fidelity and meticulous
care, and to record all transactions accurately and promptly
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