PHNO-OPINION: REFUGE

OPINION: REFUGE
MANILA, MAY 26, 2012
(PHILSTAR) Republic Act 6713, or the Code of Conduct and
Ethical Standards for Public Officials and Employees, requires government
officials, including justices of the Supreme Court, to file an annual Statement
of Assets, Liabilities and Net Worth or SALN plus a financial disclosure of,
among other things, "real property, its improvement, acquisition costs, assessed
value and current fair market value."
RA 6713, passed in February 1989, states that "the public has the right to
know" these assets and liabilities.
The law requires the declaration of "all other assets such as investments,
cash on hand or in banks, stocks, bonds, and the like."
RA 6713 makes no distinction between peso and foreign currency bank deposits.

Meanwhile, the martial law-era Republic Act 6426, or the Foreign Currency
Deposit Act of the Philippines, guarantees the "absolutely confidential nature"
of foreign currency deposits, which can be examined by another person or entity
"only upon the written permission of the depositor" – meaning the
confidentiality clause is addressed to banks, not the account holder.
Chief Justice Renato Corona has another interpretation of RA 6426: it
prohibits even account holders from public disclosure of their own foreign
currency deposits.
Never mind if it was passed way back in April 1974; he cited the law as the
reason for not declaring four dollar accounts in his SALNs, which he said
contained a total of $2.4 million.
He also admitted having three peso accounts, with a total of P80 million,
that he also did not declare because, he told the Senate impeachment court
yesterday, the deposits were merely placed under his name and actually belonged
to his relatives.
Since this is the Chief Justice giving his interpretation of two laws
affecting public accountability, Congress should study if the laws need
amendment and if other remedial measures are needed to prevent foreign currency
accounts from being used as a haven for dirty money.
This is not to say that Corona's dollar deposits are ill-gotten; he has
insisted they are not.
But he did concede the potential for abuse of that confidentiality clause by
money launderers and other crooks. From this impeachment trial, corrective
measures must be initiated by Congress.
Dollar accounts cannot serve as a refuge for dirty money.


Chief News Editor: Sol Jose Vanzi
© Copyright, 2012 by PHILIPPINE HEADLINE NEWS ONLINE
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