CSC chief calls for review of foreign currency law

MANILA, Philippines - Civil Service Commission chairman Francisco Duque III has called for a review of the Foreign Currency Deposits Act (FCDA) in relation with the filing of the statement of assets, liabilities and net worth (SALN) of government employees and officials.

Duque said the law is not clear on whether dollar deposits, as in the case of Chief Justice Renato Corona, should be disclosed.

“It’s a gray area, but nobody stops you from declaring it in peso equivalent. The Constitution says assets, liabilities and net worth. If your money is dollar denominated, is that an asset?” he asked.

Duque said the technical working committee tasked to review and study the SALN form in order to make it a more effective tool of transparency and accountability will tackle the issue during its meeting on June 11.

The group, which he heads, is composed of representatives from the Office of the President, Supreme Court, Department of Justice, Sandiganbayan, Commission on Audit, Office of the Ombudsman, Senate, House of Representatives and public sector labor unions and confederations.

Duque earlier told The STAR that in order for the country to have “a credible instrument of transparency” through the SALN, at least four major laws and the Constitution itself should be thoroughly reviewed and possibly amended by Congress.

He said Republic Act 6713 or the Code of Conduct and Ethical Standards for Public Officials and Employees, RA 3019 or the Anti-Graft and Corrupt Practices Act, the Land Registration Act and laws on the registration of vehicles should be looked into.

Duque said the FCDA “makes the country like a haven for dirty money.”

“Anybody can just bring their drug money, all these illicit activities that make money, they can just bring it here because it’s covered,” Duque said.

Duque, however, said he believes that even though the FCDA does not prevent depositors from disclosing their dollar account, concerned government employees should file it in their SALN.

“If you don’t want to declare it in dollars because it is covered by the FCDA then why don’t you disclose its peso equivalent,” Duque told The STAR.

He added that the FCDA bars the bank and not the depositor from disclosing it. He said this explains why it was Philippine Savings Bank, in the case of Corona, which asked for the issuance of a temporary restraining order from the Supreme Court.

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