Government officials and employees trying to enrich themselves in office will have nowhere to hide their ill-gotten wealth as they will be stripped of secrecy rights under the laws on bank deposits as well as foreign currency deposits.
The removal of secrecy rights for public servants in both types of deposits is contained in two bills filed by Sen. Panfilo “Ping” M. Lacson, a long-time enemy of graft and corruption.
Lacson, in Senate Bill 38 titled “An Act Further Strengthening the Secrecy of Bank Deposits Law, Amending for the Purpose RA 1405 Otherwise Known as the Secrecy of Bank Deposits Law as Amended,” pointed out that the 1987 Constitution itself stresses that “Public office is a public trust,” and public office thus must not be used for self-aggrandizement or for acquiring wealth by the person holding it.
“This bill seeks to exclude government officials and employees, whether elected or appointed, from the coverage of the Bank Secrecy Law to equip government authorities with the necessary tools to effectively investigate and prosecute those who misuse public office for personal gain,” he said.
In Filipino: Dalawang Panukala ni Ping Lacson, Huhubaran ang Taga-Gobyerno ng ‘Secrecy’ sa Bank at Foreign Currency Deposits
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He noted that RA 1405, passed in 1955, mandates that all deposits are strictly confidential – but was exploited and used a shield by unscrupulous public officials to evade investigation, “thus obstructing efforts to uncover and address corruption in government service.”
The bill amends Section 2 of RA 1405, and adds to the list of exceptions to bank secrecy “when the depositor is an elective or appointive official or employee of the Republic of the Philippines including the officers and members of the Armed Forces of the Philippines (AFP), the Philippine National Police (PNP), and all members of the uniformed services, and officers and employees of government-owned and controlled corporations and their subsidiaries.”
Meanwhile, Lacson’s Senate Bill 397 – “An Act Further Strengthening the Foreign Currency Deposit Law, Amending for the Purpose RA 6426 Otherwise Known as the Foreign Currency Deposit Act of the Philippines as Amended” – similarly excludes government officials and employees from the secrecy of such accounts.
Skip to PDF content“The proposed bill seeks to amend the law by establishing a clear and narrowly defined exception: public officials and employees shall not be entitled to the confidentiality of foreign currency deposits. This amendment aligns the statute with constitutional mandates on transparency and accountability, as well as with international standards for financial oversight and integrity,” he said.
Lacson noted RA 6426, enacted in 1972, guarantees the confidentiality of foreign currency. This is despite the global shift towards greater financial transparency.
This secrecy makes the Philippines unique in maintaining one of the most restrictive bank secrecy policies worldwide, “thereby impeding the government’s efforts to investigate and prosecute tax evasion and money laundering,” he said.
Lacson’s bill amends Sec. 8 of RA 6426 and adds to the list of exceptions to foreign currency deposit secrecy “when the depositor is an elective or appointive official or employee of the Republic of the Philippines including the officers and members of the Armed Forces of the Philippines (AFP), the Philippine National Police (PNP), and all members of the uniformed services, and officers and employees of government-owned and controlled corporations and their subsidiaries.”
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Dalawang Panukala ni Ping Lacson, Huhubaran ang Taga-Gobyerno ng ‘Secrecy’ sa Bank at Foreign Currency Deposits
Ang mga opisyal at empleyado ng gobyerno na magpapayaman sa pwesto ay huhubaran ng “secrecy rights” sa ilalim ng mga batas sa bank deposits at foreign currency deposits.
Ito ang nakalaman sa dalawang panukalang batas na ihinain ni Sen. Panfilo “Ping” M. Lacson, na matagal nang kalaban ng katiwalian.
Sa Senate Bill 38 o “An Act Further Strengthening the Secrecy of Bank Deposits Law, Amending for the Purpose RA 1405 Otherwise Known as the Secrecy of Bank Deposits Law as Amended,” ipinunto ni Lacson na mismong 1987 Constitution ang nagsaad na that “Public office is a public trust,” kung kaya’t hindi ito maaaring gamitin para pagyamanan ang sarili.
“This bill seeks to exclude government officials and employees, whether elected or appointed, from the coverage of the Bank Secrecy Law to equip government authorities with the necessary tools to effectively investigate and prosecute those who misuse public office for personal gain,” ani Lacson.
Ani Lacson, ang RA 1405, na naging batas noon pang 1955, ay nagmamandato na lahat na bank deposit ay “strictly confidential” – nguni’t pinagsamantalahan ito ng tiwaling opisyal para malusutan ang imbestigasyon – “thus obstructing efforts to uncover and address corruption in government service.”
Inaamyenda ng panukala ni Lacson ang Section 2 ng RA 1405, at dinagdag sa listahan ng exceptions sa bank secrecy ang sumusunod: “when the depositor is an elective or appointive official or employee of the Republic of the Philippines including the officers and members of the Armed Forces of the Philippines (AFP), the Philippine National Police (PNP), and all members of the uniformed services, and officers and employees of government-owned and controlled corporations and their subsidiaries.”
Ang ikalawang panukala ni Lacson – Senate Bill 397, o “An Act Further Strengthening the Foreign Currency Deposit Law, Amending for the Purpose RA 6426 Otherwise Known as the Foreign Currency Deposit Act of the Philippines as Amended” – ay may katulad na pagbukod sa mga opisyal at empleyado ng pamahalaan sa secrecy ng foreign currency deposit.
“The proposed bill seeks to amend the law by establishing a clear and narrowly defined exception: public officials and employees shall not be entitled to the confidentiality of foreign currency deposits. This amendment aligns the statute with constitutional mandates on transparency and accountability, as well as with international standards for financial oversight and integrity,” aniya.
Ipinunto ni Lacson na ang RA 6426, na naging batas noong 1972, ay nagtitiyak ng confidentiality ng foreign currency deposits. Ito ay sa kabila ng pagiging mas pabor ng mundo sa financial transparency.
Dahil dito, naging kakaiba ang Pilipinas dahil isa ito sa pinakamahigpit na bank secrecy policies sa mundo, “thereby impeding the government’s efforts to investigate and prosecute tax evasion and money laundering.”
Sa panukala ni Lacson, aamyendahan ang Sec. 8 ng RA 6426 kung saan dadagdagan sa exceptions sa foreign currency deposit secrecy ang sumusunod: “when the depositor is an elective or appointive official or employee of the Republic of the Philippines including the officers and members of the Armed Forces of the Philippines (AFP), the Philippine National Police (PNP), and all members of the uniformed services, and officers and employees of government-owned and controlled corporations and their subsidiaries.”
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thank you po senator ping masyado na ina abuso ng mga corrupt politician sana po before magiging batas po yan before your term ends. Also, mapadali computerize sa boc nationwide para monitored lahat po and may centra command. dito po sa cagayan de oro city rampant po maraming pinalusot
Sen. Ping, itinuturo ng bill na eto ang maging tapat sa pera ng opisyal para umiwas sa posisyong pandaraya at kumurap ng yaman. A very nice move, and we are na maging batas talaga ito. Please male it with your colleagues… we are saluting to you, mabuhay ka…