ONE of the more audacious legislators proposed on Monday a measure exempting government officials and employees from the cloak of secrecy granted on deposits in any banking institution.
In House Bill 3155, Party-list Rep. Gary C. Alejano said the Bank Secrecy Act, or Republic Act 1405, was enacted in 1955 to encourage people to deposit their money in banking institutions so that these may be properly managed and utilized by the financial sector for greater economic growth and development.
Under the law, all deposits are absolutely confidential and may not be inquired or looked into except upon permission of the depositor, in cases of impeachment, upon order of a competent court in cases of bribery or dereliction of duty, and in cases where the money deposited or invested is the subject of litigation.
“However, this provision prohibiting the disclosure of or inquiry to bank deposits had been exploited time and again to hamper and stall the investigation of government
officials and employees suspected of enriching themselves while in public office,” he said.
The measure seeks to exclude government officials and employees, whether elected or appointed, from the secrecy provisions so that law-enforcement authorities will be equipped with the tools needed to go after crooks in government.
‘When the depositor is an elective or appointive official or employee of the Republic of the Philippines, including the officers and members of the Armed Forces of the Philippines and all members of the uniformed services, and officers and employees of government-owned and -controlled corporations and their subsidiaries [are covered in this act],” it said.
Under existing legislation, deposits of whatever nature with banks or banking institutions in the Philippines, including investment in bonds issued by the government of the Philippines, its political subdivisions and its instrumentalities, are absolutely confidential in nature and may not be examined, inquired or looked into by any person, government, official, bureau or office except upon written permission of the depositor, or in cases of impeachment or upon order of a competent court in cases of bribery or dereliction of duty of public officials or in cases where the money deposited or invested is the subject matter of the litigation.