Marcos backs bank secrecy waiver for government execs

MANILA, Philippines — President Marcos is open to backing a measure requiring government workers to waive their bank secrecy rights to curb corruption and uphold transparency and accountability in public service.

Under the bill, filed recently by Sen. Francis Escudero, government personnel, except those serving in an honorary capacity, would have to submit a written waiver allowing the Office of the Ombudsman to examine all their deposits and investments, including foreign currency accounts.

According to Escudero, the secrecy of bank deposits “acts as a shield for illicit activity” and that institutions “can be exploited to hide illegal wealth, launder money, evade taxes and commit other financial crimes under a statutorily mandated veil.”

“The President is in favor of it and we should promote accountability and transparency in the government. So, we won’t have a negative response from the President,” Presidential Communications Undersecretary Claire Castro said at a press briefing yesterday.

In an earlier statement, Escudero said the Philippines is the last country that allows absolute secrecy of bank deposits. “That distinction doesn’t protect democracy but rather, it undermines it,” he said.

The senator said he has been filing the measure on lifting the confidentiality of bank deposits since 2013.

“This bill has languished for too long... I’m hopeful that this time, we can turn the rhetoric of transparency into actionable policy,” Escudero said.