Tuesday, February 14, 2012

Do Chiz and Jinggoy think plunderers are dumb?


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I have to be frank. Government thieves and plunderers are far more smarter than some of the lawmakers believe. Giving an excellent example is not that difficult. I just have to look for shortsighted bills to determine who's the shortsighted author of it.

There are Philippine lawmakers who are pushing amendment bills which they thought could finally solve the rampant corruption in government. At present it is somehow still safe for Filipinos to keep a bank account with less fear of bank disclosure without their consent. One type of bank account that still enjoys 100% protection by the law against unlawful disclosure is the foreign currency account, e.g. dollar accounts. As provided by Foreign Currency Deposit System Act or  RA 6426, dollar accounts couldn't be opened for any reason unless the depositor allows it. Section 8 categorically states that "all foreign currency deposits" are "considered of an absolutely confidential nature" unless the depositor agrees to divulge its content.

The Chief Justice is under impeachment trial. One hotly contested topic of the proceeding is whether to allow the tribunal to open the CJ's dollar account for scrutiny on the allegation that he has ill-gotten wealth. The CJ of course refused to let that happen. So, a Supreme Court TRO was issued to assert RA 6426 Section 8 and stop the court from opening the dollar account.

Now, that is the problem. A law prohibits the court from prying on the bank account. Having that kind of difficulty, some lawmakers are now planning to change the rules. Some lawmakers batting proposals to either bypass or amend the existing law, specifically RA 6426.

Sen.  Estrada wants to amend bank secrecy law
Senator Jinggoy Estrada and Senator Chiz Escudero had just proposed bills to amend or bypass  RA 6426 or the Foreign Currency Deposit System Act (FCDSa). This law currently prohibits the courts to open any foreign currency account for court scrutiny, including the Chief Justice dollar account at PSBank. The same reason why the Supreme Court issued TRO to prohibit the tribunal from opening the said bank account.

  • Mr. Escudero's bill, Senate Bill No. 1476 will not require change of FCDSa wordings but would bypass it and would require all government employee to waive their bank privacy rights, both local and foreign currency accounts. According to the senator, this will ensure that corrupt government officials won't hide behind the bank secrecy laws to protect their ill-gotten wealth.

  • Mr. Estrada's version on the other hand, Senate Bill 3120, will directly amend FCDSa and add in it the exemption of government officials from the protection guaranteed by the current FSCDSa. Purposely, the Act will still protect foreign currency accounts from any unwanted activities except when courts would require investigation of accounts owned by government personnel. In the same tone as Chiz Escudero's bill, this will give the much wanted solution to government corruptions.

IS THAT SO? Can these bills make any difference? Let us see.

My Reply

No. The bills of the two above-mentioned lawmakers doesn't make any sense at all. Do these lawmakers honestly believe that corrupt government officials will still go to the bank, make an account and hide their loots in there? Ridiculous.

I already discussed this in my previous entry. The answer is too simple yet I am baffled, these political leaders, which most people look-up to, overlook the simple fact that: crooks are not idiots.

Sorry is what I felt for bankers somehow. Potential big-time clients and patrons (some are top govt officials), with billions of deposits will be lost from them once the bills of Chiz and Jinggoy became laws.  They'll keep it somewhere else away from now un-immune banks.

Once bank secrecy laws loose its power, wherein government officials will be exempted from protection will never guarantees any success on the campaign against government corruption. Future Coronas or future corrupt officials and even the existing ones will never go back to any banks again.What am I? stupid?

When you see Senators or lawmakers are beginning to exhibit brainlessness, everything gets so exciting, doesn't it? And lots of people buy into their ideas with foolish ecstasy. This is the only reason that keeps me sparingly indulged in this boring Chief Justice impeachment trial. All I thought ape's immediate descendants are already gone long time ago. I was wrong. They still hang around in huge numbers.

This drawing instruction is for dumb criminals only. I even encourage lawmakers  (and their witless believers) to follow this to at least get ahead and really caught a real criminal.



Other Resources:
1. Criminals are not STUPID: My reaction to Boo Chanco and Senator Chiz Escudero
2. Thieves to stupid lawmakers: We find ways!


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