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Manila Bulletin devider Philippines devider National devider Marcos favors bill mandating gov't officials to waive bank secrecy rights

Marcos favors bill mandating gov't officials to waive bank secrecy rights

Published Jul 7, 2025 04:31 pm
President Marcos is in favor of a bill mandating government officials to waive their bank secrecy rights, Malacañang said.
President Ferdinand R. Marcos Jr. spearheaded the bell-ringing ceremony at the Philippine Stock Exchange in Taguig City on July 1, 2025, to celebrate the rollout of the Capital Markets Efficiency Promotion Act (CMEPA). (Mark Balmores)
President Ferdinand R. Marcos Jr. spearheaded the bell-ringing ceremony at the Philippine Stock Exchange in Taguig City on July 1, 2025, to celebrate the rollout of the Capital Markets Efficiency Promotion Act (CMEPA). (Mark Balmores)
Palace Press Officer and Communications Undersecretary Claire Castro said Marcos agrees with the proposal and believes that accountability and transparency must be upheld.
Castro made the statement when asked if the President would be willing to support the bill being pushed by Senator Francis Escudero in an attempt to prevent public officials from hiding their ill-gotten wealth.
“Ang Pangulo po ay sang-ayon po at dapat lamang po nating ipatupad itong accountability and transparency sa gobyerno. So, hindi po tayo magkakaroon ng negatibong sagot mula sa Pangulo (The President agrees, and we must indeed implement accountability and transparency in the government. So, we will not receive a negative response from the President),” Castro said in a Palace briefing on Monday, July 7.
Escudero has refiled the measure mandating all public officials and employees to waive their rights under Republic Act No. 1405 or the Law on the Secrecy of Bank Deposits and Republic Act No. 6426 or the Foreign Currency Deposit Act.
The bill primarily mandates government personnel—except those serving in an honorary capacity—to submit a written waiver authorizing the Office of the Ombudsman to examine all their deposits and investments, including foreign currency accounts.
Escudero said the bill is aimed at reinforcing anti-corruption efforts and bolster public trust in government institutions.
>>READ MORE: Escudero renews push for bill mandating gov't officials to waive bank secrecy rights

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