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INTRODUCTION

During the dawn of 2016 Presidential Election many candidates from different
partys run for a higher government position, some of them showed interests of running
before the exact date of filing the Certificate of Candidacy in the Commission on
Election. The most exciting part is when the deadline of filing is fast approaching; the
Filipino people are excited on who will be the next President of the Republic of the
Philippines. For some of us who followed and study how political system works in our
republic, some of us know for the fact that mud slinging and black propagandas are part
of our political system especially if its election period. One of the issues were raise and
caught the attention of most Filipinos during the campaign is the bank accounts of
every candidate whom they believe that it contained massive amount of money they
earned thru corruption in the government.
As a Filipino citizen and a voter of this country, do we believe that public officers
should be exempted from the Republic Act 1405 otherwise know as AN ACT
PROHIBITING DISCLOSURE OF OR INQUIRY INTO, DEPOSITS WITH ANY
BANKING INSTITUTION AND PROVIDING PENALTY THEREFORE. or maybe we will
just trust them in their respond to the issues that they dont hide amounts in their bank
accounts in which they get from corruption in the government? Our banking system
here in the Philippines is not good as the banking system of other countries, we have
many loopholes that will lead to the abuse of other personality or take advantage of it as
instrument of committing a crime.
Bank Secrecy Law, is a law that covers all private public personalities in
protecting their rights not to disclose their deposits from the bank in which they put their
money or the income they receive no matter where it came from as long as it will not be
shown to the public whether the government try to use it as an evidence of certain
cases that involve corruption in the government. The beauty of Bank Secrecy Law is
that every individual is safe regarding on their financial matter especially those people
who engaged in big legal business, they can hide their financial status so that they will
not become a target of kidnapping or other crimes related to money matters.
The negative side or weakness of this law is that, most people who have also
hidden agenda use this law as a sheild to protect their illegal businesses, money that
came from drugs, gambling, smuggling, or let us say money from the underground
world economy, money laundering in which nowadys use by organize crime group to
expand their underground business. If the government officials will not included in the
provisions of this law citing that they are oblige to disclose their monthly salary to show
transparency in their side as they serve the people with clean concience without
committing any corruption practices while they are still active in their office.

MAIN BODY
Bank secrecy (or bank privacy) is a legal requirement in some jurisdictions which
prohibits banks providing to authorities personal and account information about their
customers, except in certain conditions, such as if a criminal complaint has been filed.
One of the conditions of the relationship between a bank and its customers is that the
customers dealings and financial affairs will be treated as confidential. This rule,
however, does not apply to the cutomers credit information which is shared rather freely
among lending institutions.
Section 1 of Republic Act 1405 as amended, also known as Law on Secrecy of
Bank Deposits states that, It is hereby declared to be the policy of government to give
encouragement to the people to deposit their money in banking institutions and to
discourage private hoarding so that the same may be properly utilized by bank in
authorized loans to assist in the economic development of the country.
In this section (Sec. 1 of R.A 1405) shows that the bank secrecy law help the
economic of a country prosper and develope by utilizing the resources deposited to be
used for specific projects and economic aspect to lift up the way of living of every citizen
and to lessen or reduce poverty problem.