Six of the country’s top business groups called on lawmakers to amend the Philippines’ bank secrecy laws as a measure to improve the country’s standing in the global financial community amid the damage caused by corruption issues. In a statement on Friday, Oct. 17, the groups pushed for...
Senator Panfilo "Ping" Lacson has filed two bills that will strip government officials and employees of secrecy rights under the laws on bank deposits as well as foreign currency deposits. Lacson, in Senate Bill 38 titled "An Act Further Strengthening the Secrecy of Bank Deposits Law, Amending for...
President Marcos is in favor of a bill mandating government officials to waive their bank secrecy rights, Malacañang said. Palace Press Officer and Communications Undersecretary Claire Castro said Marcos agrees with the proposal and believes that accountability and transparency must be upheld....
Senate President Francis “Chiz” Escudero renewed his push for greater transparency and accountability in government by refiling 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...
Ping Lacson (Mark Balmores/ MANILA BULLETIN) LAOAG CiTYTrue to his hardline stance against corruption, administration senatorial candidate Panfilo "Ping" Lacson he would file right out of the gate a measure that will help expose the ill-gotten...
The Philippine government is strongly urged to fast track the Senate concurrence of the Foreign Account Tax Compliance Act (FATCA) and lift or amend the Bank Secrecy Law to leverage the country’s position in combating financial crime, and promote transparent, effective reporting system, and...
Senator Francis “Chiz” Escudero on Wednesday said he is optimistic that the bill mandating all government officials and employees to waive their rights under the Bank Secrecy Law or Republic Act 1405, and the Foreign Currency Deposit Act (RA 6426) will finally see the light under the 19th...
To curb corruption in the government, former Senator Antonio Trillanes IV on Sunday, Dec. 5, said he intends to propose the publication of government workers’ Statement of Assets, Liabilities, and Net Worth (SALN) on websites and the mandatory video recording of all government bidding...
As the only country in the world with a constraining deposits secrecy law, the Bangko Sentral ng Pilipinas (BSP) will request President Duterte to certify the proposed measures on Bank Secrecy Law as urgent, particularly the BSP’s version of the law as House Bill No. 8991. BSP Governor Benjamin...
