MANILA, Philippines — Senate President Francis “Chiz” G. Escudero has refiled a measure that would require all public officials and employees—except those in honorary positions—to waive their rights under the country’s bank secrecy laws in a renewed push for transparency, accountability, and good governance.

The proposed bill mandates that government personnel execute a written waiver authorizing the Office of the Ombudsman to access all bank deposits and investment accounts, including foreign currency holdings. This would override protections under Republic Act No. 1405, or the Law on the Secrecy of Bank Deposits, and RA 6426, or the Foreign Currency Deposit Act.

“This bill has languished for too long,” Escudero said. “I’m hopeful that this time, we can turn the rhetoric of transparency into actionable policy.”

Escudero, who has been filing versions of the measure since 2013, emphasized that public office is a public trust and that public servants must be held accountable. He said the existing bank secrecy laws—initially crafted to encourage savings—have outlived their usefulness and now serve as a “shield for illicit activity.”

“The laws may have served their purpose in the past, but their rigidity has enabled corruption to thrive under the guise of confidentiality,” he said. “We are the last country standing in preserving absolute secrecy. That distinction doesn’t protect democracy but rather, it undermines it.”

Citing the bill’s explanatory note, Escudero warned that institutional safeguards have been exploited to hide illicit wealth, launder money, evade taxes, and commit other financial crimes. “Verily, any person who has nothing to hide in secret would only welcome this proposal in the name of transparency and accountability,” the Senate chief added.

Alongside the proposed waiver bill, Escudero filed several priority measures he wants the 20th Congress to consider. These include:

• A bill prohibiting interference by national government agencies in the use of the National Tax Allotment and locally generated revenues of local government units
• Amendments to the Local Government Code of 1991 to strengthen local autonomy
• A proposal granting temporary tax relief to micro, small, and medium enterprises (MSMEs)
• A measure to reduce compliance costs for MSMEs by amending the National Internal Revenue Code
• A bill increasing and automatically adjusting the Personnel Economic Relief Allowance (PERA) for government employees
• A measure reinstating mandatory credit allocation for MSMEs and penalizing noncompliance
• Amendments to the Condominium Act to encourage responsible redevelopment
• A bill creating a Tripartite Council to address unemployment, job-skills mismatch, and tech-induced displacement
• A proposal to lower the compulsory retirement age of Department of Education personnel from 65 to 60