PRESIDENT Ferdinand Marcos Jr. fully supports efforts to strengthen transparency and accountability in government, Malacañang said Monday, in response to a Senate proposal requiring public officials to waive their rights under bank secrecy laws.
Senate President Francis Escudero has refiled a bill mandating all public officials and employees—except those serving in an honorary capacity—to submit a written waiver allowing the Office of the Ombudsman to examine their bank deposits, including foreign currency accounts.
The measure seeks to enhance anti-corruption efforts and rebuild public trust in government institutions.
Palace Press Officer Claire Castro said the President is likely to support the bill, noting his consistent stance on transparent governance.
“The President agrees with the need to enforce accountability and transparency in government. We will not be getting a negative answer from him on this matter,” Castro said during a press briefing in Malacañang.
Although similar proposals have been filed in previous Congresses, they failed to gain enough support to become law.
Escudero emphasized that while the original intent of bank secrecy laws—such as Republic Act No. 1405 (Secrecy of Bank Deposits Law) and Republic Act No. 6426 (Foreign Currency Deposit Act)—was to encourage savings and economic activity, these have inadvertently been used to shield illicit behavior.
“The laws may have served their purpose in the past, but their rigidity has allowed corruption to flourish under the guise of confidentiality,” he said.
Escudero also noted that the Philippines is now among the few countries that still uphold absolute bank secrecy.
“That distinction doesn’t protect democracy—it undermines it,” he warned.