Elected officials should be exempted from Bank Secrecy Law

17 April 2016

Vice presidential candidate Senator Ferdinand “Bongbong” R. Marcos Jr. today said for purposes of transparency, he is supporting moves for the lifting of the bank secrecy law for elected officials.

In an interview, Marcos said it is of utmost importance that elected government officials serve the people with credibility and this can be done when all doubts are erased with respect to their bank deposits.

“In the spirit of transparency for elected officials, there’s no problem because it would be easier for us in elective positions to do our jobs if people do not have doubts as to our bank accounts. Lift the bank secrecy law, I’m all for it,” Marcos said.

He noted that all his bank accounts are stated in his Statement of Assets, Liabilities and Net Worth (SALN).

Marcos’ statement comes on the heels of the pronouncement of the Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. calling for the easing of the bank secrecy restrictions in the light of the US $81 million stolen fund from Bangladesh that found its way to a Philippine bank and casinos.

Tetangco said the bank secrecy rules should be eased “under certain conditions” to enable government to promptly examine deposits and act on suspicious transfers.

But Marcos pointed out that the exemption should not apply to everyone because it will discourage businessmen from doing business in the country. “If you lift the bank secrecy law, no business will enter the country because of course they don’t want the government to have access to their bank accounts,” he said.

Marcos then stated that in the meantime, all candidates running in the election should be asked to waive their rights under the bank secrecy law. “I think as a start, let us all try to ask our politicians to waive the bank secrecy law for themselves for transparency but certainly not for our businessmen,” he said.