Dating back to 1955, RA 1405 covers “all deposits of whatever nature with banks or banking institutions in the Philippines.”

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MANILA, Philippines -- Senator Panfilo Lacson has filed a bill that would remove government officials from the protection of the Bank Secrecy Law to aid efforts to stamp out graft and corruption.

“The avowed purpose of the law is meritorious in preserving the confidentiality of bank transactions. Unfortunately, this provision of the law prohibiting the disclosure of or inquiry to 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,” Lacson said, explaining why he filed Senate Bill No. 47.

By excluding government officials and employees, both elected and appointed, from the coverage of the law, Lacson said “authorities will be equipped with the tools needed to go after crooks in government.”

Dating back to 1955, RA 1405 covers “all deposits of whatever nature with banks or banking institutions in the Philippines.”

Lacson’s bill will amend Section 2 of the law to exclude from its coverage all depositors who are elective or appointive officials or employees of the government, from the president down to the lowest-ranking employee, members of the uniformed services, and officers and employees of government-owned and controlled corporations.

Exceptions to this include the 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 the litigation.

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See:

http://interaksyon.com/article/130019/lacson-files-bill-removing-govt-officials-from-bank-secrecy-protection