Marcos Jr. backs Escudero's bill on waiving bank secrecy

President Ferdinand Marcos Jr. supports Senate President Francis 'Chiz' Escudero's proposal to require public officials to waive their bank secrecy rights.

Escudero refiled a measure on July 3 that mandates all government workers, regardless of rank, to waive their rights under the Law on the Secrecy of Bank Deposits (RA No. 1405) and the Foreign Currency Deposit Act (RA No. 6426).

Communications Undersecretary Claire Castro said during a Palace briefing that the President agrees with Escudero's proposal, emphasizing the need for accountability and transparency in government.

Under Escudero's bill, government personnel - except those serving in an honorary capacity - will be required to submit a written waiver authorizing the Office of the Ombudsman to examine all their deposits and investments, including foreign currency accounts.

The senator stressed that while bank secrecy laws were initially designed to encourage savings and economic growth, they now shield illicit activities and undermine democracy rather than protecting it.