A HOUSE leader has appealed to fellow legislators to support the enactment of a measure that seeks to empower the Bangko Sentral ng Pilipinas (BSP) to examine the bank deposits of individuals or corporations involved in irregularities or unlawful activities.
Deputy Majority Leader Vincenzo Renato “Luigi” Villafuerte said the measure, once enacted, would scrap the provision of the 70-year-old Republic Act 1405 or the Secrecy of Bank Deposits that prohibits bank officials and employees from disclosing details about accounts without the written consent of the affected depositors or in cases of impeachment or court orders in graft or litigation suits.
“The congressional approval of this proposed amendment to RA 1405 is timely, given that it is among the priority bills of the Marcos administration in the 20th Congress and is in step with Malacañang’s efforts to double down on its anti-graft drive,” Villafuerte said.
“Lifting the secrecy of bank deposits will certainly complement the government’s drive for greater transparency with the recent decision by Ombudsman (Jesus Crispin) Remulla to restore public access to the SALNs (Statement of Assets, Liabilities, and Net Worth) of both appointed and elected public officials,” he added.
“The approval of this bill further addresses the push by business groups for the government to strengthen transparency and accountability in Government as a better means to combat official corruption,” Villafuerte added.
The Bicol lawmakers made the appeal following the recent approval by the House Committee on Banks and Financial Intermediaries of a consolidated amendatory bill relaxing RA 1405’s provision on the “absolutely confidential nature” of bank deposits.
The still unnumbered bill passed last month by the banks committee chaired by Rep. Irwin Tieng, had consolidated eight bills on amending the Bank Secrecy Law, including House Bill (HB) 1786, which Villafuerte authored with Camarines Sur Rep. Miguel Luis Villafuerte along with Rep. Tsuyoshi Anthony Horibata, also of Camarines Sur, and Bicol Saro party-list Rep. Terry Ridon.
Luigi said the House had passed a similar amendatory bill on RA 1405 in the previous Congress, but it got stalled in the Senate in the absence of a counterpart measure passed by senators.
This proposal is one the 44 measures on the Common Legislative Agenda that the President and the Legislative-Executive Development Advisory Council (LEDAC) endorsed for priority congressional action during the first LEDAC meeting of the 20th Congress held in Malacañang last Sept. 30.
Among the signatories to a joint statement on greater transparency and accountability are the Financial Executives Institute of the Philippines, the Makati Business Club, and the Management Association of the Philippines.
