Presidential Adviser on Reconstruction and Rehabilitation Panfilo M. Lacson answers questions from the media in an interview after he delivered his address at a forum in Makati City last January 23. The former senator had refused to accept his pork barrel funds from the start. He said in a privilege speech that the funds had corrupted legislators. Now, even the members of the media are being named as those who received “payolas.” (MNS photo)
MANILA (Mabuhay) – To make it easy for the law to investigate and prosecute erring government officials and employees, Senator Panfilo M. Lacson filed a measure seeking to exclude them from the Bank Secrecy Law or Republic Act 1405, ahead of the 17th Congress which opens on July 25.
Senate Bill 47 removes from all public servants the protection under RA 1405, which prohibits the disclosure or inquiry into bank deposits, Lacson said Wednesday.
“Uncovering ill-gotten wealth of government officials may soon get easier. Law enforcement authorities will be equipped with the tools needed to go after crooks in government,” Lacson said.
“The avowed purpose of the law is meritorious in preserving the confidentiality of bank transactions,” the senator noted.
“Unfortunately, this provision of the law prohibiting the disclosure of or inquiry into 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,” he emphasized.
Lacson noted his bill will amend Section 2 of RA 1405, to exclude from the protection of the Bank Secrecy Law all depositors who are elected or appointed officials or employees of the government, from the President to the lowest-ranking employee.
The bill covers members of the uniformed services as well as government-owned and controlled corporations.
RA 1405 or “An Act Prohibiting Disclosure of or Inquiry Into, Deposits With Any Banking Institution and Providing Penalty Therefore,” which was passed on September 9, 1955, covers:
“All deposits of whatever nature with banks or banking institutions in the Philippines including investments in bonds issued by the government, its political subdivisions and its instrumentalities, are hereby considered as of an absolutely confidential nature and may not be examined, inquired or looked into by any person, government official, bureau or office.”
Exemptions to the provision include a written permission of the depositor, cases of impeachment, or upon order of a competent court in cases of bribery or dereliction of duty of public officials, or in cases where the money deposited or invested is the subject matter of a litigation. (MNS)