This is the only logical thing to do at this point.

The ongoing impeachment proceedings are not only raising public awareness on the concept of the separation of powers, the limits of such powers among the three main branches of government, and the importance of going back to the basic law of the land for guidance in the execution of this constitutional exercise.

It has also laid bare the flaws of our existing laws, especially on the disclosure of personal finances of public officials and the secrecy of bank accounts.

Which is a good thing because finetuning these laws can lead to a more truthful reporting of a public official’s personal wealth, thereby ensuring greater accountability. 

And considering that some of these laws were crafted decades ago, certain provisions may have been rendered useless or obsolete by the swift march of technology.

And so we agree with and support Sen. Ralph G. Recto in calling for a revisit of the laws on foreign currency deposit units and the confidentiality of bank accounts to hammer out better laws responsive to “changing times and changing crimes”.

“With FCDUs and the Bank Secrecy Act taking center stage in the on-going impeachment trial, we deem it imperative to call a review of these laws,” Recto said.

“The review is not meant to de-fang said laws but to make certain that no  one gets hurt or gets special treatment when the claws of these laws start to pounce on its object of prey,” he added.

An FCDU is a banking unit authorized to transact in foreign exchange, such as accepting foreign-currency deposits and making foreign-currency loans.

The former socio-economic planning secretary said he has been receiving friendly admonitions from concerned members of the banking community about the ramifications of waiving or liberal application of the laws on FCDUs and the Bank Secrecy Act.

“The sum of the friendly heads-up that I have been getting is that this may result in  a complete breakdown of confidence in the banking system,” he said, adding:  “Businessmen would be pondering the question: If the current banking laws would not be able to protect us, who would?”

The Senate ways and means committee chairman said the review of the laws should provide a clearer direction on what revisions may be adopted to ensure that the banking sector would be shielded from political exercises such as the impeachment process.

“We don’t want to start a fad wherein banks are called as hostile witness in every impeachment trial with its officers risking the pain of contempt should they fail to satisfy the demands of the impeachment court,” he said, in filing Senate Resolution 711.

Recto said, conversely, the Senate probe must also ensure that no public official or any individual running afoul of the law would hide under the cloak of the FCDU law or the Bank Secrecy Act.

The Foreign Currency Deposit Act of the Philippines or Republic Act 6426, specifically Section 8 (Secrecy of Foreign Currency Deposits) provides that: “All foreign currency deposits authorized under this Act are hereby declared as and considered of an absolutely confidential nature and, except upon the written permission of the depositors (undersrcoring PJ’s), in no instance shall such foreign currency deposits be examined, inquired or looked into by any person, government official, bureau or office whether judicial or administrative or private.”