Palace backs bill on waiver of bank secrecy rights
President Marcos backs Senate President Francis “Chiz” Escudero’s revival of a proposed bill requiring public officials to waive their bank secrecy rights to prevent the concealment of ill-gotten wealth, a Palace official said on Monday.
On July 3, Escudero said he refiled a measure mandating all public officials and employees to waive their rights under Republic Act No. 1405, or the Law on the Secrecy of Bank Deposits. This, he said, will ensure that no government worker, regardless of rank, may use their position to steal money from the government.
While Mr. Marcos has not issued an official statement on the matter, Palace press officer Claire Castro said he agrees with the proposal and believes that accountability and transparency must be upheld in government.
In explaining the need for the bill, Escudero said in a press release that although bank secrecy laws were originally intended to encourage savings and economic growth, they now serve as a shield for illicit activity.
“The laws may have served their purpose in the past, but their rigidity has enabled corruption to thrive under the guise of confidentiality,” he said.
“We are the last country standing in preserving absolute secrecy. That distinction doesn’t protect democracy but rather undermines it,” Escudero stressed.
