By Darryl John Esguerra | Philippine News Agency
President Ferdinand R. Marcos Jr. is in full support of strengthening transparency and accountability in government, Malacañang said Monday, amid a proposed law mandating public officials to waive their bank secrecy rights.
Senate President Francis Escudero earlier refiled a measure that mandates all public officials and employees to waive their rights under Republic Act (RA) No. 1405, or the Law on the Secrecy of Bank Deposits, and RA No. 6426, or the Foreign Currency Deposit Act.
Under Escudero’s bill, government personnel—except those serving in an honorary capacity—will be required to submit a written waiver authorizing the Office of the Ombudsman to examine all their deposits and investments, including foreign currency accounts, in a fresh bid to reinforce anti-corruption efforts and bolster public trust in government institutions.
Palace Press Officer Claire Castro, during a press briefing in Malacañang on Monday, said the President is likely to support the measure being a supporter of transparency in governance.
“Ang Pangulo po ay sang-ayon po at dapat lang natin itong ipatupad ang accountability and transparency sa gobyerno. So hindi po tayo magkakaroon ng negatibong sagot mula sa Pangulo,” Castro said.
Efforts to institutionalize mandatory waivers have been filed in past Congresses but have yet to gain enough traction to become law.
In pushing for the bill, Escudero said secrecy of bank deposits, while historically enacted to encourage savings and economic development, now acts as a shield for illicit activity.
“The laws may have served their purpose in the past, but their rigidity has enabled corruption to thrive under the guise of confidentiality,” he said.
“We are the last country standing in preserving absolute secrecy. That distinction doesn’t protect democracy but rather, it undermines it.”
