As the 20th Congress opens, a renewed push to waive the secrecy of bank deposits of public officials has been filed in the Senate to strengthen anti-corruption efforts and restore public trust in government institutions.
Under the measure refiled by Senate President Francis “Chiz” Escudero, all public officials and employees—except those serving in an honorary capacity—would be required to waive their rights under existing bank secrecy laws, allowing the Office of the Ombudsman to examine their deposits and investments, including foreign currency accounts.
The bill mandates officials to submit written waivers covering accounts protected under Republic Act No. 1405 (Law on Secrecy of Bank Deposits) and Republic Act No. 6426 (Foreign Currency Deposit Act).
This, based on the bill, aims to prevent public servants, regardless of rank, from using confidentiality laws to plunder public funds or conceal illegal wealth.
Escudero’s measure argues that while bank secrecy laws were historically enacted to encourage savings and economic development, they have since become tools for laundering money, evading taxes, and committing other financial crimes under a veil of confidentiality.
“The laws may have served their purpose in the past, but their rigidity has enabled corruption to thrive under the guise of confidentiality,” Escudero said, noting that the Philippines remains among the few countries maintaining absolute bank secrecy.
Moreover, the bill’s explanatory note states that the government should lead reforms by showing a clear commitment to transparency and proving that officials have nothing to hide.
“Verily, any person who has nothing to hide in secret would only welcome this proposal in the name of transparency and accountability,” the note read.
According to Senate President Escudero, the measure has “languished for too long,” noting that he has been filing the bill since 2013.
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