Waive it: A proposal to exclude public officials from the confidentiality of bank deposits as a means to improve public accountability and transparency
Date of Publication
2018
Document Type
Master's Thesis
Degree Name
Juris Doctor
Subject Categories
Banking and Finance Law
College
College of Law
Department/Unit
Law
Thesis Adviser
Victoria V. Loanzon
Defense Panel Chair
Sergio M. Ceniza
Defense Panel Member
Maria Monica L. Jimenez
Julius M. Lotilla
Abstract/Summary
Republic Act No. 1405 or otherwise known as the “Law on Secrecy of Bank Deposits” was enacted since 1955 in order to entice individuals and corporations to deposit funds in the bank and promote economic viability of the Philippines. Despite this effort, it has been used as a blanket protection of erring officials and employees in the government to the prejudice of the public. It provided for an avenue for them to conceal and harbor illegal activities and earnings in accounts maintained within the Philippine banking system. The protection given by the law also hampered and unduly delayed various efforts to expose and investigate illegal activities of officials, both elective and appointive, in the government.
The updated statistics and findings of investigatory agencies like the Ombudsman has been the anchor of this dissertation. The results have led to researching the cases involved through newspaper articles and decided cases by the Supreme Court. The history of the bank secrecy law in different countries was also discussed in order to determine how these countries like Switzerland has adjusted the application of law to prevent illegal activities.
The researches made aim to prevent the erring public officials, both appointive and elective, from using this loophole in the law to their benefit, in turn, it also proposes to include them in the exception to Sec. 2 of the Law on Secrecy of Bank Deposits upon their submission of a written waiver allowing their bank deposits to be disclosed. The investigatory agencies may conduct an investigation upon probable cause that these public officials are exercising illegal acts to the detriment of the public. However, the right to privacy still poses a challenge because this may be used by the erring public officials to their favor.
The researches made discussed how the right to privacy may be applied and respected but still prioritizing the transparency of public officials required, bearing in mind the general welfare of the citizens.
The study concludes with recommendations on how the proposed amended provision may contribute to the elimination of corrupt practices of public officials, from the position of a President of the Philippines to being appointed as an employee of the Ombudsman. It also focused on empowering the Office of the Ombudsman to act as the custodian of the waivers and to authorize the Office to look into and inquire upon the bank deposits upon the finding of probable cause that the public official, subject of investigation, is engages or has engaged in an illegal or unlawful activity while he is in public service.
This dissertation does not seek to discriminate public officials but instead support them in their fight to eradicate corrupt public officials in line with the proposed policies of the Government.
Abstract Format
html
Language
English
Format
Electronic
Accession Number
CDTG007489
Shelf Location
Archives, The Learning Common's, 12F Henry Sy Sr. Hall
Physical Description
1 computer optical disc; 4 3/4 in.
Keywords
Government accountability; Transparency (Ethics) in government--Philippines; Bank deposits—Law and legislation--Philippines; Financial disclosure—Law and legislation--Philippines
Upload Full Text
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Recommended Citation
Bigalbal, J. D., & Inguillo, M. S. (2018). Waive it: A proposal to exclude public officials from the confidentiality of bank deposits as a means to improve public accountability and transparency. Retrieved from https://animorepository.dlsu.edu.ph/etd_masteral/7233
Embargo Period
11-25-2024
