Does garnishment of a bank deposit violate the law?

No, the prohibition against examination does not preclude its being garnished for satisfaction of judgment. The disclosure is purely incidental to the execution process and it was not the intention of the legislature to place bank deposits beyond the reach of judgment creditor. (PCIB v. CA, G.R. No. 84526, Jan. 28, 1991)

How about foreign currency deposits, can they be subject to garnishment?

General Rule:

Foreign currency deposits shall be exempt from attachment, garnishment, or any other order or process of any court, legislative body, government agency or any administrative body whatsoever. (Sec 8. R.A. 6426)

Exception:

The application of Section 8 of R.A. 6426 depends on the extent of its justice. The garnishment of a foreign currency deposit should be allowed to prevent injustice and for equitable grounds, otherwise, it would negate Article 10 of the New Civil Code which provides that “in case of doubt in the interpretation or application of laws, it is presumed that the lawmaking body intended right and justice to prevail. (Salvacion vs. Central Bank of the Philippines, G.R. 94723, August 21, 1997)

Can the foreign currency deposit of a transient foreigner who illegally detained and raped a minor Filipina, be garnished to satisfy the award for damages to the victim?

The exemption from garnishment of foreign currency deposits under R.A. 6426 cannot be invoked to escape liability for the damages to the victim. The garnishment of the transient foreigner’s foreign currency deposit should be allowed to prevent injustice and for equitable grounds. The law was enacted to encourage foreign currency deposit and not to benefit a wrongdoer. (Salvacion vs. Central Bank of the Philippines, G.R. 94723, August 21, 1997)