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Sunday, 30 October 2022

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Site logo image iskup2015 posted: " supports 33rd National Statistics Month supports teachers' month supports pastors' month follow Derek Jorge's "Komedya o Komida"in People's Brigada News Manila Mabuhay 17th Philippine President Ferdinand Romualdez Marcos Jr.  rid" ISKUP!

iskup news-on-line daily

iskup2015

Oct 30

supports 33rd National Statistics Month

supports teachers' month

supports pastors' month

follow Derek Jorge's "Komedya o Komida"in People's Brigada News Manila

Mabuhay 17th Philippine President Ferdinand Romualdez Marcos Jr. 

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Exclude  govt execs fr ban on deposits probe

By Nidz Godino

THERE will come a time government officials and employees bank account will be open to scrutiny. A bill filed at the House of Representatives seeks to exclude government officials and employees from the Bank Secrecy Law's ban on inquiry into bank deposits.

Under the law, bank deposits, including investments in government bonds, are confidential and may not be looked into.

The exceptions are when  depositor allows it, or when  depositor is involved in cases of impeachment, bribery cases, or dereliction of duty of public officials, or if money deposited is  subject of litigation.

House Bill 4060, filed by Quezon City First District Rep. Juan Carlos "Arjo" Atayde seeks to amend Section 2 of the law by introducing another exemption.

The proposed exemption covers those holding public office "whether at the national or local level, by virtue of an appointment, election or contract, in any state-owned or -controlled corporation or enterprise, permanent or temporary, whether in  career or non-career service, including those in the military service, whether civilian or uniformed personnel and those in the police force."

The amendment includes  provision stating "the exemptions above-mentioned shall include foreign currency deposits" in "Philippine banks operating in the Philippines, foreign and off-shore banks operating in the Philippines, and such other kind of deposit substitutes."

A similar bill is pending in the Senate.

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