Senate President Francis Escudero has refiled a bill requiring all public officials and employees, except those in honorary positions, to waive their bank secrecy rights, including foreign currency accounts, to strengthen transparency and fight corruption.
Under his proposal, officials must submit a written waiver allowing the Office of the Ombudsman to examine their deposits and investments.
The bill seeks to amend Republic Act No. 1405 (Secrecy of Bank Deposits Law) and Republic Act No. 6426 (Foreign Currency Deposit Act), both of which Escudero argues have been misused to hide illicit wealth and shield corrupt practices.
“This bill has languished for too long. I’m hopeful that this time, we can turn the rhetoric of transparency into actionable policy,” said Escudero. He first filed a similar measure in 2013, driven by the belief that public office is a public trust and that accountability must start with financial openness.
The Senate chief pointed out that while bank secrecy laws were originally enacted to promote savings and economic growth, they have since been exploited to launder money, hide illegal assets, and evade taxes.
“We are the last country standing in preserving absolute secrecy. That distinction doesn’t protect democracy but rather, it undermines it,” he said.
Escudero added that honest public servants should have no reason to oppose the measure.
“Verily, any person who has nothing to hide in secret would only welcome this proposal in the name of transparency and accountability,” he concluded.IMT
