Lawmakers urged to amend foreign currency deposit law

MANILA, Philippines - The Coalition Against Corruption, which includes the Makati Business Club, is urging lawmakers to amend Republic Act 6426 or the Foreign Currency Deposit Act to prevent its use in hiding ill-gotten wealth.

In a statement, the coalition said the ongoing impeachment trial of Chief Justice Renato Corona has exposed how individuals, including some officials, may have been using the law to conceal their ill-gotten wealth.

“In light of recent disclosures at the trial, we support the proposed amendments of RA 6426 to discourage the use of foreign currency deposit accounts to hide ill-gotten wealth. We urge our legislators to act on this measure to further enhance transparency in the country,” the coalition said.

The coalition also reiterated its support for the impeachment trial of Corona, saying it is a procedure stipulated in the Constitution to ensure that high public officials are made accountable to the people.

“All public officials are accountable to the people. This is especially true for those occupying high positions. To ensure that the highest officials are accountable and worthy of the people’s trust, the Constitution provides for an impeachment process,” the coalition said.

The group also appealed to senators sitting as judges in the impeachment court to be steadfast in uncovering the truth and steer the trial away from technicalities that may delay it.

“To build trust in our institutions, we respectfully ask our senator-judges to be steadfast in their search for the truth and decide with wisdom in the impeachment trial of Chief Justice Corona,” the coalition said.

“In the case of Chief Justice Renato Corona, serious questions have been raised on whether or not he is morally fit in dispensing his duties as entrusted to him by the people. The Chief Justice has the right to defend himself before an impeachment court, but we must also respect the people’s right to know the truth. Thus, we support efforts to disclose evidence that will help uncover the truth and discourage citing technicalities that will only delay the proceedings,” it added. 

The coalition also includes the Ateneo School of Government, Bishops-Businessmen’s Conference for Human Development, Caucus of Development NGO Networks, National Movement for Free Elections, CBCP National Secretariat for Social Action, Justice and Peace, and Transparency and Accountability Network.