Arjo Atayde bill seeks lifting of bank secrecy for gov't officials

A member of the House of Representatives has filed a bill seeking the exemption of government officials from bank secrecy provisions of Republic Act 1405 or the Secrecy of Bank Deposits law.

Quezon City Representative Arjo Atayde's House Bill 4060 proposes to amend Section 2 of the law by stating that deposits of those who hold positions in government shall no longer be considered absolutely confidential and may be examined or looked into by authorities.

The measure covers those who hold "any public office in the government of the Philippines, whether at the national or local level, by virtue of an appointment, election or contract , in any state-owned or controlled corporation or enterprise, permanent or temporary , whether in the career  or  non- career service."

It also includes those in the military service, "whether civilian or uniformed personnel, and those in the police force, whether or not they receive compensation and regardless of the amount."

Further, Atayde's bill also lifts the secrecy on the public officials' foreign currency deposits in Philippine banks, foreign and off-shore banks operating in the country and such other kinds of deposit substitutes.

"The avowed purpose of the  law is meritorious in preserving the confidentiality of bank transactions . Unfortunately , this provision of the law prohibiting the disclosure of or inquiry to bank deposits had been exploited time and again to hamper and stall investigations of government officials and employees suspected of enriching themselves while in public office," the actor-turned-politician said in his explanatory note.

"Thus, this bill seeks to exclude all government officials and employees , regardless of the nature of their office, from the coverage of the Bank Secrecy Law so that law enforcement authorities will be equipped with the tools needed to investigate and go after crooks in government. In view thereof, the early passage of this bill is earnestly recommended," Atayde added.

Under the present law, all deposits are "absolutely confidential" and may not be inquired or looked into except upon the 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 matter of litigation.—LDF, GMA News