SENATE President Pro Tempore Jinggoy Ejercito Estrada filed a bill amending the law governing foreign currency deposits in the country.
Under the Senate Bill 3120, Sen. Estrada introduces amendment to four-decade old Republic Act 6426 to include the “order of an impeachment court or any competent court on cases involving public officials charged with the violation of Republic Act 3019 or the Anti-Graft and Corrupt Practices Act” as exception to the confidentiality clause of the law.
The amendment further provides that probable cause be established that the foreign currency deposit involved is directly related to the cause of action in the complaint.
RA 6426, otherwise known as “An Act Instituting a Foreign Currency Deposit System in the Philippines,” declares that all foreign currency deposits are considered of absolutely confidential nature except upon the written permission of the depositor. Also, the law states that in no instance shall foreign currency deposits be examined, inquired or looked into by any person or government office whether judicial, administrative or legislative, or any other entity.
RA 6426 was approved on April 1974.
“The said law is being used as an excuse and as a refuge to hide alleged illegally acquired wealth of public officials and employees,” Sen. Estrada states in the bill’s explanatory note.
The measure shall cover all public officials, including those identified as impeachable officers, who may have engaged in corrupt and other criminal activities.
Article XI (Accountability of Public Officers) of the 1987 Constitution provides that the President, the Vice-President, the Members of the Supreme Court, the Members of the Constitutional Commissions, and the Ombudsman may be removed from office through impeachment.
Moreover, Sen. Estrada states that the bill aims to discourage private individuals who may intend to hide their unlawful deposits by converting their illegal income into foreign currency deposits.
Senate Bill 3120 is referred to Senate committee on banks, financial institutions and currencies for consideration.
Published : Thursday May 24, 2012 | Category : National | Views : 15
AN Islamic-friendly and culturally-sensitive curriculum for Muslim learners will be implemented in the Autonomous Region in Muslim Mindanao this June. This was apart from the effort to continue to allot resources to further train Muslim teachers. The curriculum was launched recently in Lamitan City, Basilan. The event was attended by... Read more
Published : Thursday May 24, 2012 | Category : National | Views : 14
By : Jun Pisco
ARREST warrants have been issued against Globe Asiatique (GA) owner Delfin Lee and his co-accused after a judge found probable cause for the syndicated estafa case filed against them, Vice President Jejomar C. Binay said yesterday. Binay, chairman of the Housing and Urban Development Coordinating Council, said Judge Amifaith Fider-Reyes... Read more
Published : Thursday May 24, 2012 | Category : National | Views : 15
By : Joel dela Torre
THE local garlic industry has been affected by the importation of the product from China, the Department of Agriculture said. According to Bureau of Plant Industry director Clarito Baron, garlic growers here are feeling the heat because of the low price of Chinas exports. “Isa yan sa dahilan... Read more
Published : Thursday May 24, 2012 | Category : National | Views : 14
By : Jun Pisco
SIX Brunei peace monitors left for the Philippines to join the 8th International Monitoring Team (IMT) deployed in Cotabato City since May 17, the Department of Foreign Affairs said yesterday. The Brunei contingent, composed of five members of the Royal Brunei Armed Forces and a member of the Royal Brunei... Read more
Published : Thursday May 24, 2012 | Category : National | Views : 13
YOUTH joblessness is almost back at its peak following the outbreak of the global economic crisis and is unlikely to ease until at least 2016, the International Labour Organization warned Tuesday. The ILO said nearly 75 million youths or 12.7 percent of people aged 15 to 24 will be out... Read more
