President Marcos Backs Bank Secrecy Waiver Proposal
President Ferdinand Marcos Jr. has expressed support for Senate President Francis “Chiz” Escudero’s revived proposal requiring public officials to waive their bank secrecy rights. This move aims to stop the concealment of ill-gotten wealth among government officials, local sources confirmed.
On July 3, Escudero refiled a bill mandating that all public officials and employees relinquish their rights under Republic Act No. 1405, known as the Law on the Secrecy of Bank Deposits. The measure seeks to promote transparency and accountability by preventing officials from hiding stolen government funds behind bank secrecy.
Proposal Targets Accountability in Government
According to insiders, no government employee, regardless of rank, would be allowed to use their position to misappropriate public funds under this proposal. Although President Marcos has not yet released an official statement, the Palace Press Officer stated that the President agrees with the bill’s intent and emphasizes the importance of transparency in governance.
“So, we won’t be getting a negative response from the president,” the official added.
Escudero Highlights Corruption Risks in Bank Secrecy
Escudero explained that while bank secrecy laws were initially designed to encourage savings and economic growth, today they often shield illicit activities. He pointed out that the rigidity of these laws has allowed corruption to flourish under the cover of confidentiality.
“The laws may have served their purpose in the past, but their rigidity has enabled corruption to thrive under the guise of confidentiality,” Escudero said. He further noted, “We are the last country standing in preserving absolute secrecy. That distinction doesn’t protect democracy but rather, it undermines it.”
This renewed push for a bank secrecy waiver reflects growing calls for stronger measures to prevent corruption within government ranks.
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