Press Release
January 29, 2009

CHIZ SEEKS PASSAGE OF BILL ON WAIVER OF BANK SECRECY

Had the bill which seeks to enable the government to examine the bank accounts and investments of civil servants passed into law, people like State Prosecutor John Resado and former Agriculture Secretary Joc-joc Bolante cannot evade questions in any hearing about their financial standing.

This is what opposition senator Chiz Escudero stressed as he reiterated his call for the passage of Senate Bill No. 1476 (SBN 1476) which puts in place a mechanism which will allow the government to audit the finances of the civil servant.

"To ensure that the civil servant does not use his position to enrich himself, there must be transparency in the financial standing of the civil servants. Once passed, this bill will serve as deterrent to graft and corruption".

Escudero said the bill, one among the first he filed in his first year at the Senate, would require public officials and employees to submit a written permission or waiver in favor of the Ombudsman to look into all deposits of whatever nature with banks or banking institutions.

"This covers both those within and outside the Philippines including investment bonds issued by the government" Escudero added.

The waiver, he said should be contained in the SAL (statement of assets and liabilities) of all government officials and employees.

Escudero said people like Resado and Bolante are emboldened by the cloak of the bank secrecy law, which also leaves lawmakers' hands tied from further digging into their questionable finances.

The senator said the passage of this bill is timely as it will not only plug loopholes in the graft and corruption efforts of the government, assuming that they have some, but it will also aid the government to recover ill-gotten funds.

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