Escudero to poll candidates, officials: Let public probe our bank accounts

By: - Reporter / @MAgerINQ
/ 09:26 AM March 22, 2016
Francis Escudero


Vice presidential candidate and Senator Francis “Chiz” Escudero pressed all public officials on Tuesday to waive their rights under the bank secrecy law and allow the opening of their bank accounts for scrutiny.

“We, the people in the government, must show the way. Let’s take the first step: waive our rights under the bank secrecy law and let the public scrutinize our bank deposits,” Escudero said in a statement.


“This way, we can convince the public that the government is serious in addressing the money-laundering problem that is undermining the country’s banking system,” he added.

Escudero made the call amid growing pressure to lift the country’s stringent bank secrecy law in the wake of the alleged laundering of some $81-million funds stolen from the government of Bangladesh.


READ: Osmeña backs BIR chief’s call to lift bank secrecy law

The dirty money, which allegedly slipped into the Philippines through a commercial bank, is now the subject of a Senate investigation and has prompted the Bangko Sentral ng Pilipinas to call for the lifting of the bank secrecy law to help authorities probe suspicious money transactions.

READ: AMLC calls for easing of PH bank secrecy law

The senator has been pushing for the lifting of the bank secrecy law on bank deposits of public officials and employees through Senate Bill No. 16 he filed in 2013.

The bill seeks to compel people in government, except those who serve in an honorary capacity, to submit a written permission or waiver in favor of the Office of the Ombudsman to look into all deposits of whatever nature with banks within and outside the country, including investments in government bonds.

He filed a similar bill when he was first elected into the Senate in 2007.

Since 2010, Escudero said he has been submitting together with his sworn Statement of Assets Liabilities and Net Worth (SALN), a written waiver on secrecy of his bank deposits filed every year with the Ombudsman’s office.


He also recently issued a challenge on all national and local candidates seeking elective posts to waive this right under Republic Act No. 1405, or the Bank Secrecy Act of 1955, which prohibits disclosure of or inquiry into deposits with any banking institution, as well as provides penalties of imprisonment or fine for offenders.

If candidates commit to this waiver, Escudero said, it would preempt those who would seek to amass illegal fortune at the expense of taxpayers. The opening of the candidates’ bank accounts would also assure the public that they are not keeping any ill-gotten wealth and would not enrich themselves once elected into office.

READ: Poe to Binay: Waive your rights under bank secrecy law

“In that sense, we do not only adhere to the principle of leadership by example, but also remove any doubts the public may have on those working in government,” he said.

“Public office is a public trust and government officials and employees are accountable to the public. To ensure that a civil servant does not use his position to enrich himself, it is necessary that we put in place a mechanism that will enable the government to audit the finances of the civil servant,” the senator added.

Under his proposed measure, the waiver will be submitted 30 days from the date of assumption into office by a government official or employee.

Those who are already working in government, upon the effectivity of the law, will have to submit the waiver not later than 30 days from promulgation of the rules and regulations implementing the law.

Any public official or employee who fails or refuses to submit such waiver will be barred, under the bill, from entering or continuing the functions of his or her office. CDG

READ: Poe presidency will allow public to scrutinize pols more—Escudero


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TAGS: bank accounts, Bank Secrecy, civil service, Elections 2016, Francis Chiz Escudero, Government, Money Laundering, public officials
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