Manila, Philippines – Senator Panfilo Lacson has proposed two bills focused at removing bank secrecy and foreign currency deposit confidentiality for government officials and employees.
Under Senate Bill No.38, Lacson seeks to change Republic Act 1405 or to strengthen Bank Secrecy Laws.
He pointed out that public office is a public trust, and it should not be used as a process for personal improvement.
In his second bill, Lacson also aims to improve RA 6426 or the Foreign Currency Deposit Act to clear confidentiality from foreign currency deposits of government employees.
According to him, the two proposed measures will strengthen the government’s ability to investigate and prosecute corruption.
He said that despite global efforts with regard to financial transparency, the Philippines remains one of the countries with the illiberal bank secrecy laws.
He added that these amendments align with constitutional principles of accountability and transparency in public service. —Carla Ronquillo, Contributor