by Inquirer.net
Citing recent developments and issues raised on the secrecy of certain bank accounts and the need to promote transparency and accountability in the government, Senate President Pro Tempore Jinggoy Ejercito Estrada filed on Monday a bill amending the law governing foreign currency deposits in the country.
Under the Senate Bill 3120, Sen. Estrada introduced an amendment to the four-decades-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.
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Topic: Foreign Currency Deposit Act Should Be Amended (Read 678 times)