President Ferdinand Marcos Jr. is supportive of the proposed measure to lift bank secrecy protections for government officials and employees, a move aimed at strengthening transparency and curbing corruption in public service, Malacañang said on Monday.
In a press briefing, Presidential Communications Office (PCO) Undersecretary Claire Castro said the President backs the principle of accountability in government and has no objections to the proposal filed by Senator Francis “Chiz” Escudero.
“The President agrees that this is necessary and that we must enforce accountability and transparency in government,” Castro said.”We won’t be hearing a negative response from the President on this matter,” she added.
Escudero’s proposal seeks to amend the Bank Secrecy Law to exempt public officials from its protection, a safeguard long criticized for enabling the concealment of ill-gotten wealth and hampering corruption investigations.When asked whether President Marcos would be open to disclosing his own bank records should the measure become law, Castro affirmed that the President is ready to lead by example.While the Palace did not confirm if the proposal will be discussed in Mr. Marcos’ upcoming State of the Nation Address (SONA), Castro’s statement signals the administration’s growing emphasis on anti-corruption initiatives and transparency reforms.The Philippines is one of the few countries in the world where bank secrecy remains broadly enforced, even for government officials, a legal barrier that watchdog groups and advocates have long pushed to remove.A similar bill was filed in the Senate by then Sen. Leila de Lima, whose aim was “to prevent corruption and ensure transparency in public office.”
“By removing the bank confidentiality privilege of those in government, this bill will promote transparency in governance,” De Lima had said in filing Senate Bill (SB) No. 374, seeking to amend the Bank Secrecy Law by removing all government officials and employees from its coverage.
Under the measure, the bank accounts and local and foreign currency deposits of appointed and elective government officials and employees, regardless of rank, do not enjoy the privilege of confidentiality.The bank secrecy law is expected to be taken up during the impeachment trial of Vice President Sara Duterte, as House prosecutors plan to seek a subpoena for her bank records to examine evidence related to her alleged “unexplained wealth.”Rep. Joel Chua (Manila, 3rd District), one of the 11 prosecutors, has said that the subpoena pertains to Duterte’s statement of assets, liabilities, and net worth (SALN).
They plan on coordinating with the Anti-Money Laundering Council (AMLC) and Commission on Audit (COA).“Well, we will request it from the impeachment court since they have the authority to subpoena documents. So, we will apply to the impeachment court for this [bank records] to be subpoenaed so that our evidence will be stronger,” Chua has said.
