Chiz refiles bank secrecy waiver bill to curb corruption

Senate President Francis “Chiz” G. Escudero is once again pushing for greater transparency and accountability in government by refiling a bill that would require all public officials and employees to waive their rights under the country’s bank secrecy laws.

Under Escudero’s proposed measure, all government personnel, except those serving in an honorary capacity, will be mandated to sign a written waiver allowing the Office of the Ombudsman to access their bank deposits and investment accounts, including those in foreign currencies.

Escudero said this initiative aims to reinforce anti-corruption efforts and restore public trust in government institutions.

"This bill has languished for too long,” he said, referring to the repeated filing of similar measures since 2013.

“I’m hopeful that this time, we can turn the rhetoric of transparency into actionable policy.”

Escudero emphasized that while bank secrecy laws were originally intended to promote economic stability and encourage savings, they are now being used to conceal illicit wealth and evade accountability.

Public officials and employees are allowed to waive their rights under Republic Act No. 1405, or the Law on the Secrecy of Bank Deposits, and Republic Act No. 6426, or the Foreign Currency Deposit Act.

“We are the last country standing in preserving absolute bank secrecy. That distinction doesn’t protect democracy — it undermines it,” the Senate chief warned.

He added that lifting the confidentiality of bank accounts for public servants would prevent misuse of public funds and deter corrupt practices.

“Any person who has nothing to hide would welcome this measure in the name of transparency and accountability,” Escudero further wrote in the bill’s explanatory note.

Other priority bills filed

In addition to the bank secrecy waiver, Escudero has also filed several key measures he is pushing for prioritization in the 20th Congress.

These priority measures include a bill prohibiting national government interference in the use of Local Government Units' National Tax Allotment and locally generated revenues, amendments to the Local Government Code of 1991 (RA 7160) to strengthen local autonomy, temporary tax relief for micro, small, and medium enterprises to help boost their competitiveness, and amendments to the National Internal Revenue Code to reduce compliance costs for MSMEs.

Escudero is also pushing for a bill increasing and automatically adjusting the Personnel Economic Relief Allowance for government employees, reinstating mandatory credit allocation for MSMEs and penalizing noncompliant financial institutions, amendments to the Condominium Act (RA 4726) to encourage responsible redevelopment, and lowering the compulsory retirement age for Department of Education personnel from 65 to 60 years old.

He also proposed the creation of a Tripartite Council to address unemployment, job-skills mismatch, and technology-induced job displacement.

Escudero said these bills reflect his commitment to government reform, economic support for small businesses, and protection for public workers.

"[The] government itself should lead the charge for reform and signal a systemic shift toward openness," he noted.