Manila: Senator Panfilo Lacson has introduced two legislative measures aiming to remove the bank secrecy law and the confidentiality of foreign currency deposits for government officials and employees. Lacson's initiative seeks to bring greater transparency and accountability to public office, aligning with the constitutional principle that "public office is a public trust."

According to Philippines News Agency, the first measure, Senate Bill 38, titled "An Act Further Strengthening the Secrecy of Bank Deposits Law, Amending for the Purpose RA 1405 Otherwise Known as the Secrecy of Bank Deposits Law as Amended," emphasizes that government officials should not use their positions for personal enrichment. The bill proposes that officials and employees, whether elected or appointed, be excluded from the Bank Secrecy Law, thus providing authorities with the tools necessary to investigate and prosecute those misusing public office for personal gain.

Lacson's second measure, "An Act Further Strengthening the Foreign Currency Deposit Law, Amending for the Purpose RA 6426, otherwise known as the Foreign Currency Deposit Act of the Philippines as Amended," also seeks to exclude government officials and employees from the confidentiality of foreign currency deposits. This proposal aims to align with constitutional mandates on transparency and international financial oversight standards.

The senator highlighted that RA 6426, enacted in 1972, ensures the confidentiality of foreign currency deposits, despite a global trend towards financial transparency. This policy makes the Philippines one of the few countries with such restrictive bank secrecy laws, hindering efforts to combat tax evasion and money laundering.