WILL WIND DOWN PCGG UNDER HIS TERM
AQUINO WILLING TO WAIVE RIGHTS UNDER BANK SECRECY LAW

Liberal Party standard bearer Sen. Noynoy Aquino yesterday said he is willing to waive his rights under the Bank Secrecy Law to set the example for others in his administration if elected president. "I am willing if necessary (to waive my rights under the Bank Secrecy Law)...but I will not presume for others who will join government," he said in a presidential forum on integrity and human rights in Makati City.

Under Republic Act 1405, disclosure or inquiry into deposits with any banking institutions is prohibited. Section 2 of the law considers as "absolutely confidential" all deposits with banks or banking institutions in the Philippines.

The only exception is a written permission of the depositor or in cases of impeachment, or upon order of a competent court in cases of bribery or dereliction of duty of public officials, or in cases where the money deposited or invested is the subject matter of the litigation.

Violations carry a penalty of up to five years imprisonment or a fine of up to P20, 000 or both. In the same forum, Aquino said during this term, he will wind down the operations of the PCGG which was established during President Cory's presidency to run after billions in ill-gotten wealth stashed away here and abroad by the Marcoses and their cronies.

"The PCGG for some time did a good job...but lately there have been many complaints about the perks and privileges of those running the agency and also about the compromise agreements being entered into," he said.

"There has to be a time limit to the PCGG's existence," he said.