City Council asks Congress to amend bank secrecy law

The Cebu City Council is once again urging higher authorities to amend the Bank Secrecy Law by introducing an exemption for elected local officials.

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This proposed change aims to strengthen efforts toward full transparency and accountability in public service.

In its recent regular session, the Cebu City Council approved Councilor Pastor Alcover’s call for House and the Senate to amend Republic Act 1405, or The Bank Secrecy Law, allowing lawful investigators, such as the Ombudsman, Commission on Audit, and other authorized anti-corruption bodies, access to the bank records of public officials under investigation for graft, plunder, or unexplained wealth.

Alcover also supported the earlier call of Councilor Sisinio Andales on the creation of a Local Integrity and Lifestyle Audit Body, which is an institutional mechanism to scrutinize the lifestyle of all elected officials of Cebu City against their declared assets, liabilities, and net worth (SALN).

The move was made after Alcover delivered a privilege speech in a recent session of the council.

Alcover’s speech raised the relevance of public accountability, to which he added, strikes at the very core of governance—the conflict with the Bank Secrecy Law.