Malacañang Airs Stand of Pres. Bongbong Marcos on Proposal for Gov’t Officials To Waive Bank Secrecy Rights
BONGBONG MARCOS – Malacañang claimed the President agrees with the proposal for public officials to waive bank secrecy rights.
Following the May 2025 Midterm Elections, Pres. Marcos ordered the resignation of his Cabinet secretaries. He wanted a performance check to align the government to the needs of the Filipino people. Malacañang assured that the President will make swift decisions after the Cabinet secretaries heed the call of the Chief Executive.
The Palace also stressed that it was time for the Cabinet secretaries to prove their role in the Marcos administration. According to Malacañang press undersecretary Atty. Claire Castro, lazy and corrupt government officials have no place in the Marcos admin.
Recently, Malacañang also spoke on the proposal for the government officials to waive their bank secrecy rights to fight corruption. Based on a report on Inquirer, while the Chief Executive has yet to personally speak on the matter, Palace press officer Claire Castro said Pres. Bongbong Marcos agrees with the proposal of Senate Pres. Chiz Escudero.
Escudero recently revived the proposal to require the public officials to waive their bank secrecy rights to avoid the concealment of ill-gotten wealth. The Senate President refiled a measure to mandate it under the Republic Act no. 1405 or the Law on the Secrecy of Bank Deposits.
Based on the report, under the measure proposed by Senate Pres. Chiz Escudero, it is stated that no government worker regardless of rank may take advantage of their position in the government to steal public funds. The Senate President previously said that bank secrecy laws were also originally utilized to encourage savings among the government officials.
“The laws may have served their purpose in the past, but their rigidity has enabled corruption to thrive under the guise of confidentiality,” Escudero said.
Based on the report, Senate Pres. Chiz Escudero previously claimed that the Philippines is allegedly “the last country standing in preserving absolute secrecy. He believes that it does not protects democracy but undermines it.
Recently, the President stressed that he is busy on things that would benefit the country and the Filipinos. Pres. Bongbong Marcos also vowed to continue the war against drugs but in a “peaceful way”.