Bill seeking to amend Bank Secrecy Law filed in House
Under the proposed bill, the Bangko Sentral ng Pilipinas will be allowed to examine bank deposits under strict conditions where there is reasonable suspicion of unlawful activity.
'In its current form, the law is being used to shield illegal acts such as money laundering, tax evasion, and corruption. That needs to change,' Romualdez said.
Senator Francis 'Chiz' Escudero has also filed a bill mandating government officials and employees to execute and submit a written permission to examine, inquire, or look into all their deposits and investments, thereby waiving the Bank Secrecy Law. —KG, GMA Integrated News
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
GMA Network
8 hours ago
- GMA Network
Philippines 'concerned' on Trump's 20% tariff despite negotiations
The Philippine government was taken aback by US President Donald Trump's decision to slap a higher 20% tariff rate on the country's goods exported to America despite earlier efforts to haggle for lower duties for products imported from Manila. 'We are in receipt of the United States latest reciprocal tariff for the Philippines. We are concerned that, notwithstanding our efforts and constant engagements, the US still decided to impose a 20% tariff on Philippine exports,' Special Assistant to the President for Investment and Economic Affairs of the Philippines Frederick Go said at a Palace briefing on Thursday. On Wednesday, Trump issued his tariff notices to several trading partners including the Philippines, which he slapped with a 20% duty, higher than what he previously reciprocal tariff rate 17% in April. Nonetheless, Go said the Philippines 'remains committed to continuing negotiations in good faith to pursue a better and more comprehensive bilateral trade agreement.' Earlier in the day, a Reuters report quoted Philippine Ambassador to the United States Jose Manuel Romualdez as saying the Philippines is planning to negotiate with Washington to lower tariffs following the US move to impose higher 20% duties on goods imported from Manila. "We are still planning to negotiate that down," Jose Manuel Romualdez said in a phone message. — with a report from Reuters/RSJ, GMA Integrated News
GMA Network
a day ago
- GMA Network
DOST: Sustaining P20/kilo rice depends on inflation, efficiency
The Department of Science and Technology (DOST) said that sustaining the P20-per-kilo rice program would depend on inflation and efficiency of production. During the 47th Annual Scientific Meeting (ASM) on Wednesday, DOST Secretary Renato Solidum Jr. said that maintaining the P20 pricing until 2030 was impossible, but it was possible to carry the equivalent value of the price and reduce the cost of rice. 'We have to look at that in a long-term perspective and P20 have to be accounted also with inflation over time. Our objective is to reduce the cost of production similar to that will be competitive with other countries. If we can carry the equivalent of P20 by 2030 or 2035, it is possible to reduce the cost, but it will depend on how much also we will become more productive and efficient in our rice production. 'Yun ang challenge sa akin,' he said. Solidum added that he believed that the Philippines had the technology to make it happen, but that the market must also be considered. 'You have to look at the whole value chain, make it efficient. There is also something to do with how do we cluster, that's why in the current rice program ng department of agriculture there are several studies… You have to look at the whole value chain, different strategies improving the whole value chain,' he said. 'We have to have our discipline approaches mainstream and scale up. From my experience, just like what they have said, if you look at science, if you look at technology, we have the best probably in Southeast Asia, even in rice, in many areas, [but] there is a different challenge to us. It can be more difficult but I think it's manageable. We're focused,' he added. Solidum also said that President Ferdinand "Bongbong" Marcos Jr. was not aiming for 100% sufficiency in rice, and that the Philippines will still have to import rice. '[The President] mentioned several times [that] they're only aiming for 95%. We know also that whether we like it or not, we have to import rice. There are rice that we have to buy from outside because we cannot produce it here,' he said. 'Besides that, we have to start exporting rice in the future to make it profitable for our farmers. Then the President knows that as far as I know. In the future, we have to export rice also, as we import rice that are cheaper and also maybe to meet your lower price,' he added. Ultimately, Solidum said that the country and DOST's objective was to make farmer income more profitable. — BM, GMA Integrated News
GMA Network
a day ago
- GMA Network
Patidongan tags ex-judge as fixer of Ang's cases, PCSO chairman denies allegation
Whistleblower Julie 'Dondon' Patidongan has tagged Philippine Charity Sweepstakes Office (PCSO) chairman Felix Reyes as the retired judge who helped businessman Charlie 'Atong' Ang in his cases. According to Ian Cruz's report on "24 Oras," Reyes refuted the allegations and challenged Patidongan to identify which cases he facilitated for Ang. 'Si ex-judge na 'yan na chairman 'yan ng PCSO, siya talaga ang tagalakad,' Patidongan said. Patidongan is one of the accused in the case of the missing sabungeros or cockfighters. He has since come out to say Ang and a few others were the masterminds in the abduction of the victims. He added that all those who were abducted have been killed. 'I categorically deny such wild accusations by Mr. Patidongan. I dare him to identify any specific case of Mr. Atong Ang or anything related to the Sabungero Case, which I understand is still pending in court, that I fixed or settled to the advantage of Mr. Ang,' Reyes said in a statement. The former judge said Patidongan must shut up if he cannot prove his accusation of case-fixing. Reyes said that it was a 'rare coincidence' that Patidongan's allegations came out a day after he submitted his application to become the next Ombudsman. "I am ready and willing to cooperate in any investigation by any government agency that will shed light on these baseless allegations of Mr. Patidongan…and spare the judiciary and the prosecution service from the undeserved tarnishing of these institutions," Reyes said. Reyes was appointed as PCSO chairman in May. He has been a board member of PCSO since November 2022. He was a presiding judge or acting judge in the regional trial courts of Taguig, Lipa, Calamba, and Marikina from 2006 to 2021. But Patidongan said that he had to identify Reyes for his safety and for his family. "Judge, pasensya ka na, na binanggit ko yung pangalan mo, ito naman talaga yung totoo. Alam mo naman na ito si Mr. Atong, buhay ko na ang gusto na niyang mawala," Patidongan said. "Hindi lang buhay ko buong pamilya ko gusto nya ipapatay. Kaya ako, inililigtas ko lang yung sarili ko. Pasensya na kayo na nasabi ko ang mga pangalan ninyo dito,' he added. (Judge, I'm very sorry if I have to mention your name in this case because this is the truth. For sure, you are aware that Mr. Atong is after my life. He also wants to kill my family. That's why I'm protecting myself. I'm very sorry if I have to tag your names here.) GMA Integrated News is trying to reach out to Ang for comment. –GMA Integrated News
